Aon

Sponsors want to know what the benefit will be to them, the broker said.

The move follows Willis’ explorations of sales of Willis Re and European units.

States most impacted include Alabama, Mississippi, Texas, Georgia, and Tennessee.

It is understood that the ~$300mn fac business will be packaged along with the treaty unit.

The move is part of a wider strategic effort by the broking goliath to quantify the value of intangible assets.

The market has reached the stage of price hardening at which clients will challenge brokers and carriers on continuing increases, according to Aon president Eric Andersen. 

Aon has said it expects the economic cost of physical damage and business interruption caused by the polar vortex-linked cold snap to “well exceed $10bn”, in an Impact Forecasting report released on Thursday.

Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.

Significant moves over the past month included the appointment of Chris Parry as global head of RenaissanceRe Capital Partners and the departure of Axis head of risk funding Ben Rubin, as well as an ILS launch at ERS and a new bond team moving to Credit Suisse ILS.

EU antitrust regulators will warn Aon that its $30bn bid to acquire Willis Towers Watson may hurt competition in the broking marketplace, according to a Reuters report. 

The deal would add to $200mn of ongoing cat bond cover for the insurer.

Marcus Foley joins the Bermuda office, while Tim Radford will work in London.