Agents & Brokers News

SIAA Grew Premium to $5.7B, Signed 410 New Member Agencies in 2014

SIAA (Strategic Insurance Agency Alliance) said it grew premium by $901 million in 2014 to $5.7 billion, with 80 percent of its growth coming from existing member agencies. Premium growth with SIAA’s strategic partner companies was up more than $576 …

Towergate Wins Creditor Support for $1.5 Billion Restructuring

Towergate Finance plc said it has enough creditor support to restructure 1 billion pounds ($1.5 billion) of debt in U.K. courts. The plan was agreed by more than 75 percent of the insurance broker’s secured and unsecured debt holders, the threshold required …

Ardian Agrees to Buy JLT’s Stake in Siaci St Honoré

Jardine Lloyd Thompson Group plc announced that Ardian has agreed to buy JLT’s 26.2 percent stake in Milestone, the holding company of Siaci St Honoré, JLT’s French associate. This offer extends to all shareholders, JLT said. The transaction will be …

Agent-Broker Profitability Reaches Record 21% for 2014: Reagan Consulting

Agent-broker profitability reached 21 percent for 2014, a new record for the Reagan Consulting Organic Growth and Profitability (OGP) survey that began tracking profitability for agencies in 2008. That median profitability for EBITDA (earnings before interest, taxes, depreciation and amortization) …

Aon Reports $3.3 Billion Q4 Total Revenue; $12 Billion FY

Aon has reported fourth quarter total revenue of $3.3 billion, and $12 billion for the full year. Other highlights for the fourth quarter include the following: – Organic revenue growth of 6 percent – Operating margin increased 320 basis points …

U.K.’s Towergate Creditors to Take Over Company in Debt Restructuring

Towergate Finance plc said it reached an agreement with creditors to restructure more than 1 billion pounds ($1.5 billion) of debt in exchange for control of the company. The deal will cut the insurance broker’s net obligations by more than …

Jardine Lloyd Thompson Announces Senior Employee Benefit Appointments

London-based Jardine Lloyd Thompson Group plc announced several senior management appointments within its UK Employee Benefits business and JLT Asia. These appointments are subject to obtaining the appropriate regulatory approvals, where required. Mark Wood is retiring from his role as the CEO …

Towergate Creditors Seeking Takeover With $1 Billion Debt Swap

Towergate Finance Plc’s creditors are offering to cancel 715 million pounds ($1 billion) of debt in exchange for control of Europe’s largest insurance broker. The company’s senior secured creditors also propose writing off the accrued interest, according to a statement from Moelis …

ACE Launches Middle Market Insurance Solution for Continental Europe

ACE Group has launched ACE Middle Market Solutions, an enhanced proposition for brokers and clients, designed to help continue building its position in the middle market segment in key Continental Europe insurance markets. The launch follows ACE’s research during 2014, …

A.M. Best: Reinsurers Need Underwriting Discipline in Competitive Market

Increasing competition and lower underwriting margins in the reinsurance market highlights the importance of disciplined underwriting, according to an A.M. Best briefing entitled “Global Reinsurers: Who Will Gain Despite All the Pain?” “The market is expected to remain challenging in …