Latest news with #Lockton
Yahoo
01-07-2025
- Business
- Yahoo
Lockton names new US professional and executive risk leader
US-based insurance brokerage Lockton has promoted Sarah Downey as the new US professional and executive risk leader. Downey succeeds Devin Beresheim, who earlier transitioned to the role of US risk solutions leader at the firm. In her new role, Downey will report directly to Beresheim. Beresheim said: "Sarah is one of the most forward-thinking and accomplished professionals in our industry. Since joining Lockton, she has consistently advanced our practices and led initiatives that are shaping the future of insurance. 'I'm thrilled to see her step into this new role and excited for the continued value she will bring to our clients." In her new capacity, Downey will manage the team responsible for broking, risk advisory, and claims support across the spectrum of financial and professional insurance lines. Furthermore, she will be tasked with driving growth initiatives to enhance Lockton's professional and executive risk services on a global scale. Downey's experience spans more than two decades in the legal and insurance brokerage sectors, with a particular focus on financial lines coverage. Her most recent roles at Lockton included head of operations for professional and executive risk and blockchain advisory leader. In these roles, she led the expansion of the practice and operational improvements across various industry and product sectors, as well as the creation of a specialised team addressing the needs of digital assets and blockchain companies, known as the Lockton Emerging Asset Protection team. Her tenure at Lockton also includes a period as the US claims leader, where she developed and implemented the firm's national strategy for complex claims in directors and officers (D&O) and other financial and professional lines. Lockton US president Tim Ryan stated: "Sarah has a deep understanding of the needs of our associates, clients, and carrier partners. I am confident that her leadership will bring tremendous value to Lockton and the organisations we serve." Lockton has reported a global revenue of $4bn for the fiscal year ending on 30 April 2025, indicating a 13% increase from the previous fiscal year. "Lockton names new US professional and executive risk leader " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-06-2025
- Business
- Yahoo
Lockton annual revenue jumps 13% to $4bn
US-based insurance brokerage Lockton has reported global revenue of $4bn for the fiscal year ending 30 April 2025, up 13% compared with last year. The company attributed the surge in revenue to nearly 100% organic growth. International operations exceeded $1bn in revenue, growing 15% in constant currency for the fourth consecutive year of double-digit gains, according to the company's press release. In the US, Lockton generated $2.7bn in revenue, up 11% from the previous year. Lockton Re, the company's reinsurance division, posted a 29% year-over-year revenue increase. Lockton CEO and chairman Ron Lockton said: 'Lockton is, first and foremost, a growth company, and consistent double-digit organic growth continues to set us apart from our competition. 'As broker consolidation accelerates, Lockton's independence, performance and consistent commitment to our clients and associates continue to fuel growth and attract best-in-class talent.' In 2024, Lockton Re expanded its footprint to 22 locations, adding offices in Dublin, Greensboro, Mexico City, Paris, San Francisco and Santiago. The transaction liability practice reported 59% growth, the statement added. In 2024, Ron Lockton returned as chairman and CEO, initiating key leadership appointments including Chris Brown as CEO of Lockton International, Travis Leonard as CFO, Tim Ryan as US president, Claude Yoder as chief data, analytics and digital officer, and Mark Jones as International CFO. Under Brown's leadership, Lockton International surpassed the $1bn figure, supported by expansions in regions such as India and the Nordics. New CEOs were also appointed across Asia, Australia and the Middle East/North Africa. In the US, Lockton added $265m in revenue. The company appointed Tim Meacham as president of people solutions and established a US industry practices team led by Chris DiLullo, while integrating its property and casualty and professional and executive risk practices under Devin Beresheim. In February, Lockton launched a data, analytics and digital Office to enhance client services using data, analytics and AI under the direction of Claude Yoder. "Lockton annual revenue jumps 13% to $4bn " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
16-06-2025
- Business
- Globe and Mail
LOCKTON SURPASSES $4 BILLION IN FY2025 REVENUE, DRIVEN BY INDUSTRY-LEADING ORGANIC GROWTH AND RELENTLESS FOCUS ON CLIENTS
Global alignment and executive appointments fuel Lockton's fifth straight year of double-digit organic growth KANSAS CITY, Mo. , June 16, 2025 /CNW/ -- Lockton, Inc., the world's largest independent and privately held insurance brokerage, recorded global revenue of $4.0 billion for the fiscal year ending April 30 , 2025—representing a five-year compound annual growth rate (CAGR) of more than 16%. Key Fiscal Year 2025 Highlights Global revenue grew 13% to $4.0 billion , driven by nearly 100% organic growth —marking Lockton's fifth consecutive year of double-digit organic growth. International operations exceeded $1 billion, growing 15% in constant currency, marking a fourth consecutive year of double-digit growth. U.S. operations reached $2.7 billion, growing 11%, and continuing a seven-year streak of double-digit organic growth. Lockton Re grew 29% year-over-year, continuing its global expansion. Lockton's Transaction Liability practice cemented its industry-leading position, completing a record number of transactions and growing 59% year-over-year. "Lockton is, first and foremost, a growth company, and consistent double-digit organic growth continues to set us apart from our competition," said Ron Lockton , Chairman and CEO. "As broker consolidation accelerates, Lockton's independence, performance, and consistent commitment to our clients and Associates continue to fuel growth and attract best-in-class talent." Leadership & Strategic Appointments In 2024, Ron Lockton resumed his role as Chairman and CEO, leading a series of key executive appointments to strengthen the company's global leadership. These included Chris Brown as CEO of Lockton International, Travis Leonard as CFO, Tim Ryan as U.S. President, Claude Yoder as Chief Data, Analytics and Digital Officer, and Mark Jones as International CFO. These leaders, working alongside established executives such as Tim Gardner , CEO of Lockton Re, bring diverse expertise and a shared vision for sustained growth. "We continue to promote and hire proven leadership across our global enterprise," said Ron Lockton . "We are taking swift action on our strategic priorities including aligning our specialty practices, products and verticals across the globe." International Growth Lockton International, under the leadership of CEO Chris Brown , surpassed the $1 billion mark with a 15% growth rate in constant currency, nearly double the growth rate of other global brokers. Across the International footprint, the company has strategically expanded its geographic presence and operations to ensure accessible client service, including Lockton's largest investment in Asia to date—in India—as well as expanded operations in the Nordics. The company has also appointed new CEOs in Asia , Australia and the Middle East / North Africa . U.S. Business Performance Lockton's U.S. business added $265 million in revenue, bringing total U.S. revenue to $2.7 billion , resulting in the seventh straight year of double-digit organic revenue growth. In August, longtime Lockton executive Tim Ryan was named U.S. President. In February, former regional COO Tim Meacham was appointed President of People Solutions to lead a common, enterprise approach to delivering consistent client value across the U.S. Additionally, to further align services with client needs and to enhance delivery of individualized solutions, the firm established a U.S. Industry Practices team, led by Chris DiLullo , and unified the firm's Property & Casualty and Professional & Executive Risk practices under the leadership of U.S. Risk Solutions Leader Devin Beresheim . Geographic growth in the U.S. included a new office in Austin and expansion of other offices across the country. Lockton Re Lockton Re, the company's reinsurance business, achieved 29% revenue growth. In 2024, the business celebrated its fifth anniversary, a period during which the business experienced extensive growth, having established a global footprint of 22 locations—expanding nationally in Greensboro and San Francisco and globally in Dublin , Mexico City , Santiago , and Paris . Serving more than 300 clients, Lockton Re has a global team of over 500 colleagues working across 20 global segments, including Agriculture, Capital Advisory and Portfolio Solutions, which launched in the last year. With continued investment in talent and new specialties, Lockton Re is positioned for another high-growth year. Digital & Innovation To modernize Lockton's capacity for leveraging data and technology in service to clients, the company established a Data, Analytics and Digital Office, led by innovation and analytics expert Claude Yoder . The office provides an entirely new paradigm for using technology, data analytics and AI to deliver valuable, data-driven insights to help clients mitigate and address risk. The Digital Office is already delivering insights that help clients anticipate volatility, manage complex risk, and make smarter, faster decisions. Culture & Talent Lockton continues to attract top talent by delivering unmatched client value. This people-first approach powers its industry-leading organic growth across all marketing cycles. Recognized globally for its culture, Lockton has earned numerous workplace accolades—including five consecutive U.S. Best Managed Company honors, 16 years as a Best Places to Work in Insurance, a Bell Seal for Workplace Mental Health honor, and Glassdoor's 2025 Employees' Choice Awards Best Places to Work award. Internationally, Lockton is certified as a Great Place to Work in Australia , New Zealand and Mexico . "I am proud of our Lockton Associates for consistently earning exceptionally high client satisfaction scores that drive outstanding client retention rates," said Ron Lockton . "By staying true to who we are, we have navigated through every trend in insurance brokerage for nearly 60 years. Our uncommon business model and private ownership, combined with a great workplace culture, create a powerful advantage for our clients and our people." About Lockton What makes Lockton stand apart is also what makes us better: independence. Lockton's private ownership empowers its 13,000+ Associates doing business in more than 155+ countries to focus solely on clients' risk and insurance needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results. For more information, visit
Business Mayor
11-05-2025
- Business
- Business Mayor
Insurers launch cover for losses caused by AI chatbot errors
Stay informed with free updates Simply sign up to the Artificial intelligence myFT Digest — delivered directly to your inbox. Insurers at Lloyd's of London have launched a product to cover companies for losses caused by malfunctioning artificial intelligence tools, as the sector aims to profit from concerns about the risk of costly hallucinations and errors by chatbots. The policies developed by Armilla, a start-up backed by Y Combinator, will cover the cost of court claims against a company if it is sued by a customer or another third party who has suffered harm because of an AI tool underperforming. The insurance will be underwritten by several Lloyd's insurers and will cover costs such as damages payouts and legal fees. Companies have rushed to adopt AI to boost efficiency but some tools, including customer service bots, have faced embarrassing and costly mistakes. Such mistakes can occur, for example, because of flaws which cause AI language models to 'hallucinate' or make things up. Virgin Money apologised in January after its AI-powered chatbot reprimanded a customer for using the word 'virgin', while courier group DPD last year disabled part of its customer service bot after it swore at customers and called its owner the 'worst delivery service company in the world'. A tribunal last year ordered Air Canada to honour a discount that its customer service chatbot had made up. Armilla said that the loss from selling the tickets at a lower price would have been covered by its insurance policy if Air Canada's chatbot was found to have performed worse than expected. Karthik Ramakrishnan, Armilla chief executive, said the new product could encourage more companies to adopt AI, since many are currently deterred by fears that tools such as chatbots will break down. Some insurers already include AI-related losses within general technology errors and omissions policies, but these generally include low limits on payouts. A general policy that covers up to $5mn in losses might stipulate a $25,000 sublimit for AI-related liabilities, said Preet Gill, a broker at Lockton, which offers Armilla's products to its clients. AI language models are dynamic, meaning they 'learn' over time. But losses from errors caused by this process of adaptation would not normally be covered by typical technology errors and omissions policies, said Logan Payne, a broker at Lockton. A mistake by an AI tool would not on its own be enough to trigger a payout under Armilla's policy. Instead, the cover would kick in if the insurer judged that the AI had performed below initial expectations. For example, Armilla's insurance could pay out if a chatbot gave clients or employees correct information only 85 per cent of the time, after initially doing so in 95 per cent of cases, the company said. 'We assess the AI model, get comfortable with its probability of degradation, and then compensate if the models degrade,' said Ramakrishnan. Tom Graham, head of partnership at Chaucer, an insurer at Lloyd's that is underwriting the policies sold by Armilla, said his group would not sign policies covering AI systems they judge to be excessively prone to breakdown. 'We will be selective, like any other insurance company,' he said. Read More Tell us: have you been affected by the US insurance crisis?
Yahoo
16-04-2025
- Business
- Yahoo
Lockton appoints new US risk solutions leader
US based insurance brokerage Lockton has appointed Devin Beresheim as its US risk solutions Leader. The role said to consolidate the company's property and casualty (P&C) and professional and executive risk practices. Beresheim, who joined Lockton in 2019 as specialties leader, will report to Tim Ryan, Lockton US president. Beresheim played a key role in reshaping the company's specialty practices, with a focus on collaboration, boosting Lockton's capabilities across areas such as claims, cyber and technology, digital asset risk, financial institutions, private equity and transaction liability. Ryan said: 'I am excited to announce leadership changes that will align our growth strategy with client needs, driving our business forward and enhancing the service we provide. Devin's track record of building connectivity, attracting top-tier talent and expanding our specialty capabilities makes him the ideal leader to drive this integration. His vision will ensure Lockton continues to deliver differentiated value across the full spectrum of risk.' Beresheim added: 'I am honoured to step into this role and build on the strong foundation our teams have created. Bringing these practices together will allow us to streamline operations and offer clients seamless access to the expertise they need to navigate an increasingly complex risk environment.' Earlier this month, Lockton expanded its expertise in cyber risk management through a collaboration with Axio, a company specialising in cyber risk quantification technology. Last month, the company also formed a professional and executive risk practice, merging the US-based Lockton Financial Services and International ProFin teams. The company, which operates with over 12,500 associates in more than 140 countries, attributes its client-focused approach to its private ownership model. "Lockton appoints new US risk solutions leader " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
