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.
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.
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.