AJ Gallagher

The broker’s international chairman said that without an influx of new capacity, the market will remain disciplined.

Renewals in established markets were more orderly than at 1 January, but smaller markets were under pressure.

This follows the integration and rebranding of the firm’s three Swedish businesses, Brim, Nordic and Proinova.

Incoming Gallagher Re CEO Tom Wakefield will also report to EMEA CEO Matson, who gets an expanded role.

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.

The specialty leader had worked at recent acquisition Willis Re since 1998.

The AJ Gallagher-owned MGA is looking to hit £1bn in gross written premiums.

The executive will be charged with unifying carrier engagement and bringing together Gallagher’s offerings.

WTW only gained majority ownership of the India operation last year, meaning it did not transfer in the wider Gallagher acquisition.

The appointments aim to provide clients with a product-agnostic view on accessing capital in a capacity-constrained market.

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.

For InsurTechs, the most significant feature of 2022 is that the narrative around ‘disruption’ seems to be “truly over”, Gallagher Re said.