AJ Gallagher
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The merger is on track to close in H2 2025, CEO Pat Gallagher said. -
SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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Renewable retrospective solutions were a key point during the discussion.
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Their next destination remains unknown.
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Sources suggested that the multiple could be as low as the 13x range as valuations reset.
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AJG still has $2bn of M&A capacity after the AP and Woodruff Sawyer deals.
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The broker will be based in Oslo and drive expansion in the Nordic region.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Technical pricing is insufficient in some areas and inflation is biting into margins.
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The book of business comprises both personal and commercial lines.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
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Large losses and attrition put pressure on aviation underwriters.
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