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The withdrawal of the major lead market will substantially reduce available capacity at 1 April renewals.
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The acquisition of Willis Re last year transformed Gallagher into a top-three reinsurance player.
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The senior underwriting figure will lead one of the bigger aviation portfolios in the London market.
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The UK segment reported an operating loss of £37mn in 2020 and could present a consolidation opportunity for major GI players.
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The liability chief started her career with Endeavour in 2009.
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The former Dual CEO will run a unit in the same stable as the private equity firm’s broker, Oneglobal.
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McCoy’s appointment follows the news that ERS-owned IQUW is venturing into recall with a crisis management product led by Talbot’s Jon Atkinson.
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Giles Ham will join AJ Gallagher in Q1 2022, working in the broker’s specialty construction practise.
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Sources said the syndicate had absorbed heavy losses in 2020 and was also facing capital charges to support cat-exposed business.
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BMS has also walked away from a deal after a brief rekindling of negotiations.
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It has been suggested that a Lloyd’s syndicate could provide a neat solution to the licensing needs of its growing specialty business.
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The executive has headed Marsh McLennan’s reinsurance broker since joining from Willis Re in 2015.