WTW
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The global market is stabilising and softening, and casualty and specialty lines are generally stable, the CEO said. -
The broker posted a net loss of $1.67bn including pre-tax non-cash losses.
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He brings over 25 years of experience in PE and transactions solutions.
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The broker will take a charge of $1.6bn-$2.1bn relating to the sale.
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Baudouin is transitioning to a chairman position in Mexico.
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Commercial auto and excess umbrella continue to face upward pressure.
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The choice to build a reinsurance unit at arm’s length alleviates some financial strain.
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The two parties are targeting a launch by the end of the year, with scope for WTW to buy the start-up at maturity.
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It will offer additional capacity to WTW US property clients with a limit up to $25mn.
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The company yesterday promoted Jenna Ziomek to P&C leader for PE and M&A.
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Ziomek joined WTW in 2021 and has 17 years of industry experience.
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The new broking president added that hundreds of Marsh staff would not show up tomorrow at WTW.
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