Aon

The deal is designed to assuage the Department of Justice’s concerns over the Aon-Willis merger.

Last year it secured just NZ$6.2bn of protection from major nat cat events, as premium spending went up by 11%.

The US government reportedly has around 20 attorneys at work in case it decides to sue to block the deal.

The AJG CEO vowed to invest in Willis Re assets while stressing the quality and security of the team.

The merger partners are working towards a third-quarter completion after a side-deal they say addresses EC concerns.

A high proportion of the more than $3.5bn economic losses caused by April severe weather will be insured, the broker said.

He is expected to join the firm’s property reinsurance broking team after his gardening leave ends.

The regulator had previously set a 27 July deadline after the merger partners offered divestments to secure regulatory approval.

European regulators are not expected to demand additional concessions of the deal partners.

The appointment marks a return for the exec, who worked for Benfield in the mid-2000s.

Interest in parametric coverages has increased among insurance buyers as a response to coverage gaps exposed by unanticipated losses and tightening traditional market capacity.

Average reinsurer return on equity (RoE) was just 4.8% over the past four years.