Synopsis

April 2020 – Synopsis: Companies & Brokers

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Volume 31, Number 4, April 2020

Companies

Lloyd’s

IMPORTANT NOTICE: The Lloyd’s Underwriting Room in London will be closed with effect from 16:00GMT 19 March in line with UK Government advice to avoid all non-essential contact. Following a successful resilience test on 13 March, Lloyd’s is confident that its emergency trading protocols will enable the market to continue trading during the closure. Lloyd’s will review this decision on a weekly basis. Lloyd’s said you can read the latest news about the COVID-19 outbreak here; however, at the time of this writing (March 24) Lloyd’s hasn’t updated its site since March 10 which is curious.

People

AIG taps ex-Aon to help optimise capital strategies and create new ILS products

AIG has hired Gero Michel from Aon to lead the risk analytics function across its Validus, Alphacat, and Talbot brands.

AIG Appoints Jon Hancock Chief Executive Officer, International General Insurance

AIG announced that Jon Hancock has been appointed Chief Executive Officer, International General Insurance. In this role, Mr. Hancock will lead the International operations of AIG’s General Insurance business. He will report to Peter Zaffino, President & Global Chief Operating Officer, AIG, and Chief Executive Officer, General Insurance, and serve on the General Insurance Executive Leadership Team. Since 2016, Mr. Hancock served as Director of Performance Management at Lloyd’s, where his portfolio included responsibility for overseeing performance and risk management globally across the Lloyd’s market. Mr. Hancock will join the company this spring – however…

IRL note: Lloyd’s announced that to provide senior leadership support, Jon Hancock has agreed to defer his leaving date from 31 March to 31 May 2020.

Perrigo Joins MarketScout Professional Liability Division

MarketScout, the national electronic insurance exchange and specialty MGA headquartered in Dallas, Texas, announced professional liability broker Bobbie Perrigo has joined the firm. Perrigo will be based in the corporate office headquarters in Dallas, Texas. Perrigo will assume all of the current professional liability business in place and implement new processes for growing a profitable division. Perrigo joins the professional liability practice with over 16 years of underwriting and broking experience. She serves as president-elect of the Tarrant County Insurance Professionals, a local chapter of the Federal Insurance Women of Texas.

Agent & Broker News

William C. “Bill” Bartholomay (1928 – 2020)

Bill Bartholomay, who brought the Braves to Atlanta in 1966, has died. He was 91. Bartholomay “died very peacefully” at New York-Presbyterian Hospital after “a brief illness,” his daughter Jamie Bartholomay Niemie said. Doctors described the illness as “a respiratory infection that was not the coronavirus COVID-19,” she said. The Chicago insurance brokerage executive led a group that purchased the Milwaukee Braves for $6.2 million in 1962, decided in 1964 to relocate the franchise to Atlanta and fought Wisconsin court battles to complete the move in 1966. Bartholomay’s group sold the Braves to Ted Turner for $11 million in 1976, partly because some of his partners’ enthusiasm for their investment had waned. But Bartholomay’s enthusiasm for baseball - and especially for the Braves - remained strong four-plus decades after selling the team. He loved opening day, which he often would describe as “New Year’s Day for me.” Bartholomay held leadership positions with several large insurance firms over the years, including: vice chairman of global insurance broker Willis Group Holdings; president of Near North National Group; and president and vice chairman of Frank B. Hall and Associates. 

Aon to Merge With Willis Towers Watson in All-Stock Deal Valued at $30 Billion

Shareholders will receive 1.08 Aon shares for each Willis Towers Watson share

Aon will own about 63 percent of the combined company, while existing Willis Towers Watson shareholders will own about 37 percent. Aon shareholders will continue to hold the same number of shares in the combined company after the deal’s completion. Aon has a market valuation of $66.8 billion while Willis Towers Watson has a market value of $34.52 billion. The combined company will be named Aon and maintain its headquarters in London. John Haley, the chief executive and director of Willis Towers Watson, will become the executive chairman and focus on growth and innovation strategy, Aon said. Aon Chief Executive Greg Case will lead the combined firm alongside Chief Financial Officer Christa Davies.

U.S. commercial insurance prices accelerate again, as carriers report changes of over 6%

U.S. commercial insurance prices accelerated during the fourth quarter of 2019, as the aggregate price change reported by carriers exceeded 6 percent, according to Willis Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS). This is a continuation of the acceleration observed in recent quarters. The survey compared prices charged on policies underwritten during the fourth quarter of 2019 to those for the same coverage during the fourth quarter of 2018. Data for nearly all lines indicated significant price increases, headlined by commercial auto, property, excess/umbrella liability, and directors’ and officers’ liability, where price increases exceeded double digits. Price changes were much larger for mid-market and large accounts than small accounts. Specialty lines price increases also trended upward materially in the fourth quarter. The survey continued to indicate price reductions for workers compensation in contrast to all other surveyed lines, though reductions are smaller than the recent past.

People

George Williams appointed Global Head of Client Support Services for Guy Carpenter

Guy Carp announced that George Williams has been appointed as Managing Director, Global Head of Client Support Services, effective immediately. In this role, Mr. Williams will be responsible for setting the strategy for Guy Carpenter’s global client service organization with a focus on digital transformation and client engagement. George has over 20 years of experience in operations, product management and client service in the insurance and banking industries. Most recently, he served as Chief Operating Officer of North America General Insurance, AIG, where he led end-to-end customer process oversight for the property and casualty business in the region. He also served in several global and regional roles, including General Manager for the insurer's business in Germany, Austria and Switzerland.

WTW appointed Susan Finbow as Global Head of FINEX Financial Institutions

Willis Towers Watson announced the appointment of Susan Finbow as Global Head of FINEX (Financial, Executive and Professional Risks) Financial Institutions. Based in Toronto, Susan will be responsible for the direction and servicing of FINEX Financial Institutions teams and client portfolios worldwide. She will oversee the development of a FINEX Financial Institutions community worldwide, will develop creative risk solutions for Willis Towers Watson clients across the FINEX product lines, and will be responsible for driving business growth.

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