Jardine Lloyd Thompson Group (JLT) has agreed to acquire Independent Risk Solutions (IRS), a marine specialty broker based in the Netherlands, from Brokerage World Solutions (BWS). The deal is subject to regulatory approval.
Total Asia Pacific catastrophe limit purchased in 2013 increased for the tenth year in a row, but failed to keep pace with strong GDP growth in the region, according to a report by Guy Carpenter.
Canopius Group, a leading specialist re/insurance underwriting business, has appointed Neil McMillan as class underwriter to its North American facilities team, focusing on property, auto and liability lines.
Lockton MENA, a unit of independent insurance broker, Lockton, has appointed Tony Saada as chief executive officer. He will be responsible for developing and serving Lockton's rapidly expanding client base in the Middle East and North Africa (MENA) region, as well as meeting the growing demand for its expertise.
David Margrett has launched a new London Market consolidator aimed at brokers and managing general agents trading in the global, specialty insurance and non-treaty reinsurance markets.
Hyperion Insurance Group, the international insurance intermediary group, has acquired – through its subsidiary DUAL – PGI Commercial (PGI), a property and casualty programme manager. PGI Commercial controls premiums approaching $200 million and is one of the largest independent underwriting agencies in the US.
Alastair Speare-Cole, chief executive officer of JLT Re, says that the acquisition of Towers Watson's reinsurance brokerage business would represent the fulfillment of one of his main objectives set by group CEO Dominic Burke when he joined JLT Re.
The growing use of economic capital models by cedants to help structure their reinsurance programmes has led to many increasing their retentions – a phenomenon that is almost paradoxical at a time when reinsurance is relatively cheap.
XL Group’s reinsurance operations has appointed Pamela Ross as vice president, property facultative.
Cooper Gay Swett & Crawford (CGSC), the global wholesale and reinsurance broking group, has appointed Martin Sullivan as non-executive chairman of CGSC Delaware, the main board for the group’s North American operations.