AJ Gallagher

GC’s Steve Housse and AJG’s James Elliott have resigned to join the challenger reinsurance broker.

Takuya Aibe and Tetsuro Nakazawa have joined the broker from Marsh to lead the business, based in Tokyo.

In the first quarter of the year, the total global economic loss for all natural hazards was estimated at $77bn.

The two have been at Gallagher since 2019, when the firm clinched the acquisition of JLT Aerospace.

EMEA CEO Simon Matson said the company will announce “the optimum structure for this part of Gallagher” once it is finalized.

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.

The move is the latest indication of talent turmoil in the marine cargo class.

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).

Bart Zanelli will work within Gallagher Securities, specialising in capital raising and M&A.

Global reinsurance capital fell by 12% in 2022 to $638bn, Gallagher Re estimated.

McMillan joins from Siemens, where he spent 16 years, most recently as global head of product safety and risk.

The Gallagher-owned MGA is slightly ahead of target as it looks to hit £1bn GWP by 2025.