AJ Gallagher
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Gallagher Re brings together its teams across EMEA to create a unified business unit ideally positioned for future growth and platform expansion. -
Capital markets are "likely to become a key ingredient of a healthier and sustainable (re)insurance market".
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Gallagher Re is looking to increase its presence in the North American large-account space, where it is underweight compared with rivals.
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Kerton steps into the role vacated by Tom Wakefield, who is set to become global CEO of Gallagher Re in the coming weeks.
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The outgoing CEO will now retire from the company rather than taking up a group carrier relationship role.
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Tom Wakefield will formally become CEO of Gallagher’s reinsurance broking unit on 1 June, reporting to EMEA CEO Simon Matson.
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Mega-round funding accounted for the smallest percentage of total funding since Q1 2020, according to Gallagher Re’s latest Global InsurTech Report.
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The funding triples Novidea’s value in less than two years and will be used to develop its insurance platform and drive international growth.
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Nick Williams-Walker, COO of Gallagher’s Specialty division, will chair the group as it looks to advance the market’s adoption of foundational elements of the Lloyd’s Blueprint Two programme.
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The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.
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Gallagher’s operating earnings per share soared 9.8% to $3.03 – beating analyst consensus of $2.99 earnings per share – in Q1.
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The appointment comes as rates continue to decline in the D&O market.
