AJ Gallagher
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Political violence renewals have been especially demanding, the broker said. -
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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