Sector developments and company hires

Insurer combination agreed
Aon and Willis Towers Watson have agreed to combine in an all-stock transaction with an implied combined equity value of approximately US$80bn. The strategic rationale behind the combination is to create a more innovative platform capable of delivering better outcomes for all stakeholders, including new solutions that more efficiently match capital with unmet client needs in high-growth areas like cyber, delegated investments, intellectual property, climate risk and health solutions. The combined company - to be named Aon - will maintain operating headquarters in London, with John Haley taking on the role of executive chairman. The combined firm will be led by Greg Case and Aon cfo Christa Davies, and the board will comprise proportional members from Aon and Willis Towers Watson's current directors. Subject to the approval of the shareholders of both Aon Ireland and Willis Towers Watson, as well as other customary closing conditions, the transaction is expected to close in 1H21.

North America
John Butler, head of Cohen & Company’s US insurance asset management platform and global ILS programe has joined Kovrr’s advisory board. He will advise the firm on its continuous global expansion, providing cyber risk modeling solutions for insurance and risk professionals. Butler has over 20 years of ILS and reinsurance market experience and was previously managing partner at Twelve Capital. Additionally, he is president and ceo of Insurance Acquisition Corp, a blank cheque company formed for the purpose of effecting a business combination with a primary focus in the insurance, reinsurance or insurance-related services sectors.

Vida Capital, a portfolio company of Reverence Capital Partners and Redbird Capital Partners, has announced management changes that are intended to better align the organisation. Bill Tice - currently senior md, marketing, investor relations and business development - has been promoted to president and cio of Vida Capital Management (the SEC-registered investment advisor subsidiary of Vida), reporting to Jeff Serra, Vida ceo and founder. Additionally, Tice will become a member of the board, overseeing all investment activities of Vida’s funds to include investments in life settlements, ILS (through the Merion Square joint venture) and special situations. His focus on capital raising, investor relations and new business development will also continue. Prior to joining Vida in 2014, Tice held senior positions at Siguler Guff & Co, Q Investments and The Park Hill Group. Separately, Brian O’Grady, currently an md, will be promoted to senior md and head of marketing, reporting to Tice.