AJ Gallagher
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Liz Kim is joining Gallagher Re’s 40-plus-strong cyber team from Hiscox, where she has spent more than 12 years.
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The new recruit will join Julian Samengo-Turner’s Middle East and Africa team.
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New markets have reset the balance between supply and demand in the market.
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The market is becoming more of a buyers’ market as new capacity arrives.
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Some airline accounts registered rate decreases as competition ramped up towards the end of 2021, according to the broker.
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Property cat rate increases this January were double those of last year and the highest since 2014.
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With most M&A activity from 2020 pushed into 2021, capacity for M&A insurance began to dry up in around October, resulting in hard market conditions.
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Rates are up modestly across the board but reinsurers are "under pressure" to improve profitability.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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Off the back of pricing increases across nearly all lines, AJ Gallagher is seeing steady organic growth during the final quarter of 2021.
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Competition for staff remains fierce in the D&O market, where there has been substantial rating remediation.
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Giles Ham will join AJ Gallagher in Q1 2022, working in the broker’s specialty construction practise.
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