Synopsis

July 2020 – Synopsis: Companies & brokers

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Volume 31, Number 7, July 2020

Companies

AIG Private Client Group to Transition Upper Middle Market Clients to Safeco and Heritage

On June 29 American International Group announced that it has entered into an agreement with Safeco Insurance, a Liberty Mutual Company, and Heritage Insurance Holdings, Inc., to offer AIG Private Client Group’s (PCG) agents the ability to transition their upper middle market personal insurance business to Safeco and Heritage. This transition will take place beginning in the fourth quarter of 2020, subject to regulatory requirements in relevant jurisdictions. AIG will transition a select portion of its personal insurance business that provides upper middle market clients with home, auto and umbrella insurance policies to Safeco and Heritage. This transaction further reflects AIG Private Client Group’s strategy to focus on the high net worth segment, where it is a recognized market leader.

[IRL Ed. A top personal lines pro said; “In Illinois they had a company called AIG Premier that was for the upper middle market. They non-renewed all of those clients this past year. Over the years they try to expand their market and I think they’re finding out they weren’t very good at insuring people in the middle.”

IAIS Cancels Annual Meeting

The International Association of Insurance Supervisors (IAIS) has cancelled its 2020 Annual General Meeting (AGM) and Annual Conference, scheduled for 2 – 6 November in Santiago, Chile.

Lloyd’s announces plan to safely reopen the underwriting room in London

The Lloyd’s building and underwriting room will reopen with several important safety measures in place on September 1. Read what these measures HERE (secure) or read about it following herein in the IRL United Kingdom section following.

People

Lloyd’s Insurance Company S.A. appoints new General Representative for Spain and Portugal

On July 1 Lloyd’s Insurance Company S.A. confirmed it has appointed Jose Núñez as its Country Manager for Spain and Portugal (effective 1 July 2020), and General Representative for Spain and Portugal (effective 3 August 2020). Jose will be based in Madrid and brings more than 30 years of experience and a deep understanding of the Iberian (re)insurance markets, having worked in a number of senior roles at Gerling, Catlin and XL Catlin. Most recently Jose held the position of National Commercial Director at Asegroup S.A. in Spain. In his new role he will report to Mark Cooper, Chief Market Development Officer (Europe) and Head of European Branches, Lloyd’s Insurance Company (LIC).

Agent & Broker News

Aon Update: Effective July 1, 20 percent Temporary Salary Reductions Will End June 30, 2020

In March, Aon developed an operational flexibility plan to ensure we would emerge from the current economic uncertainty a stronger and more capable firm. As part of that plan, the firm announced in April that most colleagues would be subject to a temporary salary reduction of up to 20 percent. Based on observations and analysis over the past four months, the 20 percent salary reductions are no longer necessary to meet the commitment to our 50,000 colleagues that no one at Aon is going to lose their job because of this COVID-19 outbreak. Effective July 1, we will end the temporary 20 percent salary reductions and repay our colleagues in full, plus an additional 5 percent of the withheld amount to recognize their personal resilience and dedication to our clients. The firm believes the overall macroeconomic uncertainty and downside are somewhat less significant than anticipated, and therefore is ending this aspect of its operational flexibility plan. Other components of the plan, including expense discipline, pause in share buyback and new merger and acquisition activity, temporary salary reductions of 50 percent for our named executive officers and 50 percent reduction in cash compensation for the Board of Directors, will remain in place at this time. IRL Ed: If interested management’s June 30 letter to staff > https://www.aon.com/getmedia/0a851938-6cf6-449f-8b99-1ad0fc219ad9/Aon-Effective-2020-07-01-Temporary-Salary-Reductions-End.aspx

MMC pulls ahead in broker rankings but Aon + WTW could take top spot

Marsh & McLennan Companies has extended its lead in the rankings of The Top 20 Global Insurance and Reinsurance Broking Groups, although a combined Aon and Willis Towers Watson (WTW) could claim the number one spot. As shown by our directory of the Top 20 Global Insurance & Reinsurance Broking Groups, which is based on research data from A.M. Best (with groups ranked by total revenues), MMC tops the list in 2019 with total revenues of a huge $17 billion. Click here for rankings (Reinsurance News)

RIMS and Prudent Insurance Brokers form Strategic Alliance 

Prudent Insurance Brokers Private Limited (PIBL) and Risk and Insurance Management Society (RIMS) announced a multi-year strategic partnership to support the Indian risk management community. The alliance is set to deliver thought-leading content around risk and insurance management to India’s thriving business community. Effective immediately, PIBL and RIMS will begin the development of a series of webinars and Masterclasses that address the country’s most pressing business risks, challenges, as well as opportunities for risk and insurance managers to support organizational growth, innovation, and strategic decision-making. Additionally, the two entities will publish market analysis reports, white papers, and collaborate on future in-person events. In addition to developing education, content, and events, RIMS and PIBL will also work to introduce and promote the RIMS-CRMP certification to the local market. The RIMS-CRMP Certification is the only risk management certification in the world to hold an accredited status (ANSI under ISO/IEC 17024:2012).

Ryan Specialty Group and All Risks Sign Definitive Agreement to Merge

Ryan Specialty Group, LLC (RSG) and All Risks, Ltd. (All Risks) are pleased to announce they have signed a definitive agreement to merge. The two firms are insurance specialists with strengths that complement one another. Both have proven track records of excellence in transactional wholesale distribution and managed underwriting businesses in the form of managing general underwriters, programs and delegated binding authorities. RSG is headquartered in Chicago, IL and All Risks in Delray Beach, Florida; each entity has a national US footprint complemented by RSG’s European operations. Read more HERE (secure) [IRL Ed. As a longtime industry executive John Pacholick said, “Pat’s like the Eveready battery… he keeps going and going.”]

People

Marsh JLT Specialty makes senior appointment 

Marsh has appointed Mike Johnson as chairman of the UK Construction, Infrastructure & Surety Practice, Marsh JLT Specialty. Effective immediately, Johnson succeeds Tim Smith who is retiring after more than 30 years in the business. Based in London, Johnson reports to Scot Peachey, CEO, UK Construction, Infrastructure & Surety Practice, Marsh JLT Specialty. In this role, Mr. Johnson oversees the UK Construction, Infrastructure & Surety Practice, which advises many of the UK’s leading infrastructure, power and energy, civil engineering, and contractor firms on their insurance and risk management programmes.

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