The acquisition of the Melbourne-headquartered broker will strengthens Marsh's corporate, real estate, and strata presence in Australia and New Zealand.
Tower partners with CelsiusPro to enhance the technological infrastructure supporting their Cyclone Response Cover, a parametric insurance offering.
Despite two record nat cats in 2023, excess-of-loss reinsurance, strong capital adequacy, and inflation should provide stability and growth for NZ non-life market, though constrained reinsurance capacity and hardening of rates could dampen earnings in years to come.
Marsh's Global Insurance Market Index shows that D&O in the Pacific fell by over 15% for some insureds, as capacity and competition increased.
The products are aimed primarily at agricultural risk and will be launched in 2024,
Buckle, currently serving as the Head of Corporate Risk, will step into the role of CEO at Lockton New Zealand from 1 January; he succeeds Lowe, who has been influential in Lockton's New Zealand operations.
Comley-Forbes worked at Willis for six years in the early 2000s and will return to lead its NZ operations from January.
The Auckland High Court has ordered the insurer, a subsidiary of Suncorp New Zealand, to pay the reduced fine for failing to apply multi-policy discounts to nearly 42,000 customers
New Zealand's Accuro intends to transfer its insurance portfolio to UniMed, so the ratings will remain under review pending competition of the transaction; UniMed's ratings also remain unchanged.
Ferrier has been appointed as CEO of Marsh McLennan New Zealand and President of Marsh New Zealand.