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The broking group will soon target US retail broking, as well as continuing team lifts and looking for international mega deals. -
The broker also said it grew in fac, as well as in its strategy and technology group.
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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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Shares were trading down 6% following the publication of the broker’s Q1 results.
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The brokerage, which is majority owned by PE house EMZ, is being advised by Lincoln International.
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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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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
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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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The broker said US property cat reinsurance rates increased by 40% to 60% in April for clean renewals.
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The broking CEO set out the London wholesaler’s growth strategy a year on from the AUB takeover announcement.
