Gallagher says significant funds for acquisitions as Q1 brokerage revenues rise

Gallagher says significant funds for acquisitions as Q1 brokerage revenues rise

Gallagher says significant funds for acquisitions as Q1 brokerage revenues rise

A J Gallagher reported first-quarter adjusted revenue up 13.6% to $2.13bn, as the company’s insurance brokerage unit benefited from higher rates and acquisitions. Executives at the brokerage declined to comment on speculation that it might purchase assets likely to be divested to secure regulatory approval of Aon’s purchase of Willis Towers Watson (WTW), but noted that A J Gallagher has…

Aon set to get EC approval for WTW deal without further concessions

Aon set to get EC approval for WTW deal without further concessions

Aon set to get EC approval for WTW deal without further concessions

The EC is set to grant Aon conditional antitrust approval to acquire Willis Towers Watson (WTW) without further divestment concessions than those recently put forward, according to Reuters sources. Aon offered to sell some of WTW’s European businesses earlier this month to get its $30bn deal for the rival broker over the line. Following feedback from customers and rivals, Reuters…

EC asks stakeholders which firm is right buyer for WTW assets: Reuters

EC asks stakeholders which firm is right buyer for WTW assets: Reuters

EC asks stakeholders which firm is right buyer for WTW assets: Reuters

The EU competition watchdog has asked risk managers and other brokers which companies would be suitable buyers of the Willis Towers Watson (WTW) assets that Aon has offered to sell to address concerns over its planned takeover of the firm, according to Reuters. Citing people familiar with the matter, the news agency said a questionnaire has been sent asking which…

AMRAE worried Aon-WTW deal fallout will impact difficult renewal season

AMRAE worried Aon-WTW deal fallout will impact difficult renewal season

AMRAE worried Aon-WTW deal fallout will impact difficult renewal season

French risk management association AMRAE is worried about the impact the Aon-Willis Towers Watson (WTW) merger and any selloffs to get the deal over the line may have on the next renewal season, which already promises to be tricky for insurance buyers. During a press conference, AMRAE president Oliver Wild stressed buyers want to know they will be able to…

Ferma asks insurance industry to join forces with buyers on finding pandemic solutions

Ferma asks insurance industry to join forces with buyers on finding pandemic solutions

Ferma asks insurance industry to join forces with buyers on finding pandemic solutions

Ferma has called on the insurance industry to work with risk managers to drive a pan-European risk transfer solution for pandemic and wider non-damage business interruption (NDBI) risk, amid concerns that momentum has slowed and insurers aren’t taking the lead. Speakers at a recent OECD event, including Ferma’s president Dirk Wegener, fear that moves towards government-backed public-private-partnerships (PPPs) to tackle…

Ferma backs EC’s proposed sustainability reporting directive but has concerns over scope

Ferma backs EC’s proposed sustainability reporting directive but has concerns over scope

Ferma backs EC’s proposed sustainability reporting directive but has concerns over scope

Ferma has backed the EC’s newly proposed Corporate Sustainability Reporting Directive (CSRD), but delivered a “mixed” response to some of its requirements amid concerns that four times as many companies would have to report on sustainability issues under the new rules and information would face mandatory audit. The EC delivered its proposals for the CSRD, which will reform rules on…

Sales to secure Aon-Willis deal could take many forms, say analysts

Sales to secure Aon-Willis deal could take many forms, say analysts

Sales to secure Aon-Willis deal could take many forms, say analysts

With European regulators apparently pushing for multiple divestitures by Aon before approving its purchase of rival Willis Towers Watson (WTW), the structure of any sales remains wide open, according to analysts. As first reported in Business Insurance, divestitures, potentially including WTW’s reinsurance division and operations in various European countries, could be made piecemeal or as a single acquisition, but a…

Brexit has already pushed over 440 financial services firms to Europe

Brexit has already pushed over 440 financial services firms to Europe

Brexit has already pushed over 440 financial services firms to Europe

More than 440 UK banking and finance firms have relocated part of their business, moved staff or set up new entities in Europe following Brexit, with London losing over £100bn of insurance and asset manager funds, according a new report by thinktank New Finance. The reports finds that more than 420 firms have set up new European hubs, with London…

Cosimi takes over the reins at Anra from De Felice

Cosimi takes over the reins at Anra from De Felice

Cosimi takes over the reins at Anra from De Felice

Italian risk and insurance management association Anra held its annual member Assembly yesterday and elected a new board of directors under the leadership of new president Carlo Cosimi, head of insurance and risk financing at Saipem, the Italian multinational oilfield services company. Mr Cosimi steps up from his role as Anra vice-president to replace Alessandro De Felice, chief risk officer at…