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Steve McGill, group president of Aon P.L.C., is leaving the brokerage, Aon announced Wednesday.
No replacement was named, but Aon said in a statement that Eric Andersen, CEO of Aon Benfield Group Ltd., and Mike O’Connor, CEO of Aon Risk Solutions, “will work together to jointly build Aon’s global risk business and report directly to President and CEO Greg Case.”
Mr. McGill, who is 58, is leaving to “explore new opportunities,” the statement said. An Aon spokesman would not comment further on the announcement. In addition to his group president position, Mr. McGill was chairman and CEO of the brokerage’s Risk Solutions business, which is composed of its reinsurance and large account commercial insurance business.
According to Aon SEC filings, Mr. McGill's signed a new five-year employment contract with Aon in 2015. In a filing Wednesday, the brokerage said that under its separation agreement with Mr. McGill "he will be eligible to receive cash separation payments of $7.5 million in each of 2017, 2018 and 2019 in full satisfaction of all amounts otherwise due to Mr. McGill under his employment agreement and in connection with his outstanding equity awards."
A longtime London market brokerage executive, Mr. McGill joined Aon in 2005. Prior to that he had been CEO of rival brokerage Jardine Lloyd Thompson Group P.L.C. but resigned after a profit warning in 2004.
Mr. Case said in the statement that Mr. McGill was a “tireless innovator” and his efforts at Aon “have been critical to our success and highly relevant to the global insurance marketplace, particularly in London, where he has worked closely with insurers to create exceptional value for our clients. I am grateful to him for his leadership and wish him the best as he begins a new chapter of his career.
A report by Aon Benfield has found that global insured catastrophe losses totaled $54 billion in 2016, the highest since 2012, Artemis.bm reports.