AJ Gallagher

The broker said that the Big Bend region towards which the storm is heading has a low exposure density.

The role was originally slated to be taken on by now retired James Kent, former CEO of Gallagher Re.

The executive will work out a long notice period at his current employer before joining the independent broker next year.

Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.

WTW is quietly sounding out market executives for a potential relaunch into reinsurance once its two-year non-compete agreement with Gallagher Re ends in December, this publication can reveal.

Richard Webb will lead the new division.

Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.

Double-digit rate decreases are common in the class of business despite macroeconomic headwinds.

Eduardo Molinari served most recently as general manager of Iberia at Hannover Re.

The loss tally comes in 39% above the average for the 21st century.

The broker said that rates were largely flat thanks to insurer appetite and competition.

Insurers are turning to developing markets, where premiums are higher, as deals dry up.