Aon
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Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity. -
The broker has recruited a significant team to build out in the retro space.
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Tornadoes, hail and strong winds hit the eastern half of the US last week.
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Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.
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Former Axa XL property treaty head Catherine Turner will co-lead the unit with Richard Evans.
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Returns on the Aon ILS Index outpaced other major financial indices in the second quarter.
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Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
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Hailstorms across the Midwestern US will likely add to substantial losses this year.
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The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.
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Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
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Several US states were hit by tornadoes, heavy rainfall and large hail in July.
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Joe Jackson becomes the latest in a line of retro or reinsurance brokers to transfer to the smaller intermediary.
