AJ Gallagher
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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Curtin has spent almost 50 years in the market with stints at Marsh and Sedgwick.
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The broker attributed increased capacity to improving profitability.
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The market remains “delicately balanced” amid global conflicts and claims deterioration.
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Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.
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Negotiations around US casualty and financial lines were more stressed.
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Rates continue to trend downwards in the D&O class of business.
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A total of 30 carriers entered the US public company D&O space in 2023.
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There is more capacity in the market for long-term risks.
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The talks are advanced, and the process is likely to move rapidly.
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The findings have implications for businesses and D&O.
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The 1 January treaty renewal was “far more orderly”.
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Tim Bluck joins as a partner, covering UK clients.
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The recruits join from Ardonagh, Guy Carpenter, Howden and Miller.
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According to its 2023 10-K, Gallagher spent $3.74bn on M&A activity.
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The probe concluded in Q4 last year, according to Gallagher’s 10-K.
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Ditte Deschars will be moving into the chairperson role for EMEA.
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The broker made a number of energy hires from Price Forbes and Miller last year.
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Funding dropped from $8bn in 2022 to $4.5bn in 2023, a 43.7% decrease.
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Convective storms cost more than ever, but activity was not exceptional.
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Spenner will succeed Tony Melia, who is retiring later this year.
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Total brokerage revenue was up 20.4% year on year.
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A deal would mark Amwins’ second LatAm sale, after this publication revealed that Lockton acquired THB Brazil last May.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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Siemens Gamesa is one of the world’s leading renewable energy manufacturing companies.
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This follows a challenging period for business last year.
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The executive has spent 20 years in the industry.
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The new team is one of several the broker has set up in the past 18 months.
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The incoming executive previously spent 17 years at AIG, most recently as head of financial lines for MENA.
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In its Plane Talking report, the broker notes a “distinct differentiation” between the hull and liability and the hull war/third-party liability markets in 2023.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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The executive joined Gallagher in 2015 as COO of its international division.
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The most effective route for insurers to engage with their clients on emissions reductions will require “fresh thinking and product innovation”, according to the reinsurer.
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Other early users include Amwins, Aon, BMS Group, Consilium and Costero.
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Business lines offered include P&C, marine, construction, cyber, trade credit, financial lines, and energy plus employee benefits services.
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Hansen’s role will be effective after a transition period with departing COO Chris Brook.
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The box is expected to be manned by Pen's team of specialist marine underwriters.
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Martin Ford joins the broker following a 26-year-stint at Gallagher Re, formerly Willis Re.
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The new product is backed by Tokio Marine Kiln and initially aimed at UK businesses, with plans to expand internationally.
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The broker said dynamics were dependent on full-year results, after years of poor returns.
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The senior retro/specialty broker spent 26 years at Willis Re, which was acquired by Gallagher in 2021.
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Alexander will join after his competitive restrictions are up.
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Increased private investments by (re)insurers have been a “theme of the year” according to Johnston, who described the year as “one of consistency.”
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The economic losses from the event are expected to exceed $10bn, the report added.
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The unit almost doubled its organic growth rate from 11% in Q2, while in Q1 the division posted 12% organic growth.
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Climate change is causing an upward trend in losses, but it should not be conflated with the impact of seasonal variability, according to Gallagher Re.
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The broker said that $100bn+ loss years have become the “new normal”.
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A report from the firm warns that the market needs to upskill on cyber.
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Mark Jenkins becomes chairman of the global credit and political risk team.
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Looking to the key Q4 renewal period, Gallagher said there is “little to suggest a drastic shift in conditions”.
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The report also highlighted general liability policies as an area of potential exposure to insurers.
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At an event that brought together construction insurers, brokers, engineers and developers, delegates discussed an impasse over insuring sustainable development projects.
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He will be responsible for oversight of all aspects of the practice and leading the firm's growth in the market.
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Most of the broker’s clients have incurred losses below or about equal to ceded premiums and only one with losses exceeding ceded premiums.
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The executive will move to the (re)insurer after almost two years at Gallagher Re, a company he joined after the acquisition of Willis Re in late 2021.
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Carriers benefited from improved rate adequacy and the impact of interest rate rises on investment returns.
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The repercussions of the war between Russia and Ukraine continue to affect several countries, including Egypt and Somalia, as a result of grain-supply interruptions.
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The broker said that the Big Bend region towards which the storm is heading has a low exposure density.
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The role was originally slated to be taken on by now retired James Kent, former CEO of Gallagher Re.
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The executive will work out a long notice period at his current employer before joining the independent broker next year.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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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.
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Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.
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Double-digit rate decreases are common in the class of business despite macroeconomic headwinds.
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Eduardo Molinari served most recently as general manager of Iberia at Hannover Re.
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The loss tally comes in 39% above the average for the 21st century.
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The broker said that rates were largely flat thanks to insurer appetite and competition.
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Insurers are turning to developing markets, where premiums are higher, as deals dry up.
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The deal adds a further £14mn of GWP to the business, following the recent purchase of Tay River Holdings.
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The aviation war segment is also proving ‘treacherous’ to buyers, according to the latest Plane Talking report.
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As part of the deal, 12 Piiq employees will join Gallagher bringing with them a handful of US-focused clients.
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Pen’s marine war MGA Vessel Protect has hired maritime security expert Munro Anderson.
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A “little flurry” of new capacity helped the mid-year renewals as reinsurers pushed to deploy at the last chance for 2023.
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Reinsurers began relaxing limits on US property exclusions, but the lack of new start-ups points towards stability amid a more orderly market, the broker forecast.
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The broker said increased reinsurance costs had not been passed onto customers.
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Langley received the nod for her services to the financial services industry and public service.
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Three key reports have unearthed issues around capital and lower return period loss figures that may need to be addressed for the cyber market’s maturation, as a pivotal 1 July renewal date approaches.
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The broker said clients could save money, increase limits and buy extra coverage.
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The Big Three reinsurance brokers face a number of factors that could challenge their supremacy.
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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.
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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.
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Sources said the executive had a minority ownership interest believed to be around 20%-30% of the operation.
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GC’s Steve Housse and AJG’s James Elliott have resigned to join the challenger reinsurance broker.
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Takuya Aibe and Tetsuro Nakazawa have joined the broker from Marsh to lead the business, based in Tokyo.
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In the first quarter of the year, the total global economic loss for all natural hazards was estimated at $77bn.
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The two have been at Gallagher since 2019, when the firm clinched the acquisition of JLT Aerospace.
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EMEA CEO Simon Matson said the company will announce “the optimum structure for this part of Gallagher” once it is finalized.
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The broker’s Plane Talking report highlighted the excess hull war and liability market as a key area of hardening within the aviation market, as capacity has been restricted and reinsurers take harder lines.
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The move is the latest indication of talent turmoil in the marine cargo class.
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Gallagher Re is now lead and sole broker for ARC, the Caribbean Catastrophe Risk Insurance Facility SPC (CCRIF SPC) and the Pacific Catastrophe Risk Insurance Company (PCRIC).
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Bart Zanelli will work within Gallagher Securities, specialising in capital raising and M&A.
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Global reinsurance capital fell by 12% in 2022 to $638bn, Gallagher Re estimated.
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McMillan joins from Siemens, where he spent 16 years, most recently as global head of product safety and risk.
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The Gallagher-owned MGA is slightly ahead of target as it looks to hit £1bn GWP by 2025.
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The broker’s international chairman said that without an influx of new capacity, the market will remain disciplined.
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Renewals in established markets were more orderly than at 1 January, but smaller markets were under pressure.
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This follows the integration and rebranding of the firm’s three Swedish businesses, Brim, Nordic and Proinova.
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Incoming Gallagher Re CEO Tom Wakefield will also report to EMEA CEO Matson, who gets an expanded role.
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Global reinsurers also reported a slight deterioration of their combined ratios in 2022, with the average for the year being 95.7% compared with 94.7% in 2021.
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The specialty leader had worked at recent acquisition Willis Re since 1998.
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The AJ Gallagher-owned MGA is looking to hit £1bn in gross written premiums.
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The executive will be charged with unifying carrier engagement and bringing together Gallagher’s offerings.
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WTW only gained majority ownership of the India operation last year, meaning it did not transfer in the wider Gallagher acquisition.
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The appointments aim to provide clients with a product-agnostic view on accessing capital in a capacity-constrained market.
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Capacity stands at near-record levels for structured credit and political risk, despite key risks such as China’s zero-Covid policy, the Russia-Ukraine conflict and a difficult month of reinsurance renewals.
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For InsurTechs, the most significant feature of 2022 is that the narrative around ‘disruption’ seems to be “truly over”, Gallagher Re said.
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The intermediary tallied $360bn in economic losses worldwide.
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The CEO also heralded the group’s “best full-year brokerage segment organic performance in decades”, with a figure of 9.7%.
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Louise Piper joins from Aviva, where she was international broker director, and she has previously held senior roles at Axa XL, WTW and Marsh.
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She had served as director of underwriting at Nephila since mid-2018.
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Paolo Cuomo joined last year from Brit, where he worked as director of operations, having joined the company in 2019 as head of strategy.
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The fac heavyweight spent less than 12 months with the company.
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Aviation insurers are still facing uncertainty moving into 2023, with a slew of legal cases, and large losses from the previous quarters looming above them.
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Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
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As a decline in InsurTech investment continues and risk capacity providers reconsider their support, sources expect many InsurTech MGAs will have to review and potentially pivot their business models.
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The appointment comes after it emerged that Malcolm Smart is leaving the business to join Ark.
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Claims were widespread in the class of business during 2022, with almost all areas warranted claimed against.
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The executive said many reinsurers have secured the pricing and terms necessary to cover their cost of capital.
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Political violence renewals have been especially demanding, the broker said.
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Alex Burton Brown’s appointment comes at a time of elevated personnel movement in the financial institutions space.
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The Gallagher non-executive chair secured 230 of the 259 votes.
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The broker said a dearth of IPOs had created a “buoyant environment”, with both start-ups and incumbents competing.
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The increase in premium growth was largely attributed to strong pricing trends for commercial lines and reinsurance business.
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Inflation, rising reinsurance costs and rebounding shipping activity all pose challenges for the market.
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Personnel movement in the contingency market has been elevated following Covid-19 upheaval.
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The broker said rate rises on IG reinsurance could be up to 10% following the impact of Hurricane Ian.
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The latest Gallagher Re InsurTech study shows that, beyond the biggest funding rounds in Q3, investment fell to its lowest level since early 2020.
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The broker has worked for Marsh and JLT during his 25 years in energy insurance.
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Ron Hayes has also held senior placement roles at JLT and Marsh.
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The hull war market is also looking to target premiums in excess of $500mn, up from the $180mn it achieved in 2021.
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The unit is led by marine veteran Ricardo Castro, who joined the firm from Marsh and has over four decades of experience in the industry.
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Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.
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How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.
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The Gallagher Research Centre will be led by Tina Thomson as global head of research.
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The executive will relocate from London to head the North America team of cyber brokers and actuaries.
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The broker found reinsurers’ underlying RoE had improved during the period but still fell short of the cost of capital.
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The executive will report to head of global clients centre of excellence Nick Forti.
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Novidea will provide a platform for every stage of the broking lifecycle and help Gallagher adopt digital solutions being developed for the Lloyd’s Blueprint Two programme.
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Alexandre Delacroix will focus on a range of capital market activities, including ILS and collateralised reinsurance.
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The broker is the latest in a stream of exits from Marsh’s construction team over the past 18 months.
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The broker said EPS estimates for 2023 were broadly flat due to inflation fears.
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The broker said Ukraine will fall into a deep recession this year following Russia’s invasion.
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AnotherDay advises on complex threats and crisis management.
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Deal flow for InsurTech funding dropped by 7.7% in the quarter, while the average deal size rose by 18% to $22mn.
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Turner will report to executive partner Gavin Tidman and work closely with head of renewables Duncan Gordon.
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The broker said clients could achieve broader terms and higher limits in D&O, although there was frustration over pricing fluctuation.
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Gupta moves from Axis Capital where he served for four years in the New York team.
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Gallagher is continuing its hiring splurge within its construction practice, as Marsh’s Stuart Freeman looks set to become the latest addition to the team, Insurance Insider can reveal.
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John Forder will focus on major international contractors, while Daniel Busuttil will be tasked with supporting global infrastructure clients.
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Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.
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Christian Kreutzer joins from Swiss Re, where he was most recently head of the Nordic, Baltic, Russian and Dutch region.
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Plus, an in-depth look a pressure on the FCA and PRA and all the top news from the week.
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Rate increases are now universal in the property cat markets, the Gallagher Re executive said.
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Australian pricing ‘approaching distressed levels’ after successive floods.
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The new recruit has worked for Argo, Allianz and the European Space Agency.
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Matthew Solley’s departure brings an end to his 21-year spell at the company.
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Innovu’s leadership will report to Gallagher’s Michael Rea.
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An abundance of capacity is leading to price reductions in the downstream sector.
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Paul Thorburn becomes the latest construction broker to switch between the two companies.
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The move follows a restructure of the broker’s London reinsurance unit last year.
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The appointments come just a few months after the company appointed Heather Bone as its Australian CEO.
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Pressure to grow portfolios may ‘put the brakes’ on premium growth, despite pricing adequacy concerns.
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The broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.
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The account consists of 16 airlines and has a total fleet value of $29.7bn.
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The renewal also includes an expropriation aggregate limit, which is understood to be less than half of what it was pre-renewal.
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Rising investment yields may not keep pace with increasing claims costs, the broker said.
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Madeleine Larke’s departure from Aon’s follows the news that the intermediary has hired long-serving Guy Carpenter broker David Finlay.
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Plus this week’s Q1 results and all the top news of the week.
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Gallagher Re’s Global InsurTech report showed that more capital is being channelled into earlier-stage funding rounds.
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The broker completed five tuck-in brokerage mergers in Q1, the same number as the previous year, but totaling $32.2mn, down from $89.7mn in Q1 2021.
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The firm suspended relationships with Russia-based clients and estimated those actions will affect its 2022 brokerage unit revenues by up to $10mn.
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Just a few losses in aviation war have the potential to “wipe out one if not multiple” years of income, the broker said in its Plane Talking report.
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Alternative capital increased by 4.4% after two years of stagnation.
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Inflation is now a key concern in every line of business, the broker said.
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The broker said the market was flattening but that large losses in the first quarter would sustain pricing levels.
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The firm ranks among the three largest retailers in Peru, and talks come amidst a pick-up in M&A in Latin America.
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The firm adjusted 2022 projected revenues for the acquired Willis Re book down by $10mn from its 2020 figures due to forex and Ukraine changes.
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The Gallagher-placed programme is in focus as the aviation market tries to digest the implications of the Russia-Ukraine conflict.
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The broker has distributed top jobs among former Willis Re and legacy Gallagher Re staff.
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The recruit is the latest WTW alumnus to join the DIFC-based fac and specialty operation.
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The intermediary has also bought a majority share in Ace Re.
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An internal announcement from James Kent reveals the first outlines of what the future will look like for the #3 reinsurance broker.
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Heather Bone is joining as CEO, with other senior appointments including Peter Button, Andre Geldart and Alessandro Simi as executive directors.
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The acquisition of Willis Re last year transformed Gallagher into a top-three reinsurance player.
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Cyber reinsurance premiums may exceed those of property cat by 2040.
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Sources told this publication Tom Draper would become head of insurance at the expansive MGA’s European operation.
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Despite an increased risk environment, capacity has increased for political risks, trade risks political, trade risks commercial and non-trade insurance, the broker said.
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The businesses will be rebranded from 31 January, which Gallagher said “completes” the integration of the firms.
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The growing fac unit now counts Ziad Seifeddine, Unnikrishnan Menon, Waseem Yoosaf and Alastair Climie among its ranks.
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In his new role, Alex Ntelekos will be responsible for supporting the growth of Gallagher Re’s public-private initiatives across the region.
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Hvidsten had worked at Willis Re since 1997, before it was bought by Gallagher, and will continue to serve as a consultant to the firm.
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The agreements will see QBE provide capacity over the next three years for Pen’s RMP business in the UK, and its P&C proposition for the hazardous goods and environmental sector.
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Mark Peacock has been made a partner in the broker’s construction practise within its UK speciality division.
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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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