Aon

Aon's estimate shows that bulk sums offered rose from the $250mn previously reported.

Aon president Eric Andersen and Willis Towers Watson human capital and benefits chief Julie Gebauer will lead the integration if the deal completes.

But the merger will still create opportunities for rival brokers to claim market share.

Having a $20bn-revenue organisation would create the ability to invest more heavily in new solutions, including tech.

The combined company will retain the Aon name, with Willis CEO John Haley taking the chairman role.

Four regional cross-business CEO positions will be created.

Dominic Christian takes over from former MS Amlin CEO Simon Beale.

The former Aon retro broker was previously CEO of the UK arm at Fidelis.

Hagibis, Faxai and flooding in the Mississippi River basin were the costliest events.

Over the past decade, the cat bond market has produced an average annual return of 6.38 percent, and 7.48 percent for 2019, Aon has calculated.

Every New Year the (re)insurance industry looks back at how much natural disasters cost it in the last 12 months – but the 2019 statistics undercut the value of this exercise.

The broker said reinsurers were looking to address the earnings impact of higher retrocession costs, lower interest rates and greater reserving uncertainty.