Weekend Update: CEO steps down, brokers reach settlement and major players team up on cyber

Weekend Update: CEO steps down, brokers reach settlement and major players team up on cyber

Weekend Update: CEO steps down, brokers reach settlement and major players team up on cyber Making headlines this week, the CEO of a well-known Aussie broker steps down, two major international brokers reach a court settlement worth more than $40 million and two international players team up on cyber insurance.

The CEO of Whitbread Insurance Brokers has stepped down to “pursue other opportunities,” it has been announced,

Stephen Jones was in the role for two years and the business will now be co-directed by Angela, Claire and John Paul Whitbread.

The firm also announced that Michael Giansiracusa will take on the newly created role of general manager, strategic alliances and Ben Bowen will become general manager, broking.

JLT and Willis reached a settlement in a case set to be heard by the High Court in the United Kingdom over the alleged poaching of staff.

JLT will take a hit of approximately $41 million (£22 million) in its second quarter results as a condition of the settlement.

Finally, Munich Re and Beazley have announced that they will team up to offer a cyber insurance solution.

The major international players will offer tailored solutions in the cyber market with maximum cover of US$100 million.

“It is very rare that people will provide that level of capacity for cyber coverage,” Paul Bantick, head of cyber at Beazley told The Financial Times.