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Brokerage: Net earnings of US$157.7 million for Q4 2020, up from US$118.7 million in Q4 2019. Net earnings for whole year 2020 reached US$866 million, up from US$717.3 million for whole year 2019.
Risk management: Net earnings of US$19.1 million for Q4 2020, up from US$18.3 million for Q4 2019. Net earnings for whole year 2020 reached US$66.9 million, up from US$66.2 million for whole year 2019.
Corporate: A net loss of US$23.7 million for Q4 2020, reduced from net loss US$31.4 million for Q4 2019. The net loss for whole year 2020, however, has increased to US$74.8 million from
AXA XL has announced the appointment of Michael Colao as global chief underwriting officer for cyber. Colao will report to Libby Benet, global chief underwriting officer for financial lines.
“Michael brings a wealth of knowledge from his nearly 20 years as a senior cybersecurity expert in the financial industry,” Benet said. “His background and technical expertise will complement the underwriting talent within our global cyber team, providing a unique perspective into cyber risk.”
Colao will be based in London. In his new role, he will manage aggregate cyber exposure across AXA XL’s products globally. He will also develop and implement
Marsh & McLennan Companies, Inc. (MMC) has reported 2020 full-year revenue growth of 3% after closing the year with a “strong fourth quarter”.
The global professional services firm, which is parent to insurance broking and risk management giant Marsh, as well as reinsurer Guy Carpenter, and consulting firms Mercer and Oliver Wyman, reported consolidated revenue of US$17.2 billion for 2020, up by 3% compared with 2019. In the fourth quarter (Q4), the firm brought in US$4.4 billion, marking a 4% increase compared to the prior year quarter.
MMC’s operating income for the year was US$3.1 billion and the net income