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Gallagher Re’s Lara Mowery said mid-year renewals marked the “beginnings of capacity” emerging. -
Cedants were able to “challenge the status quo” with aggregates back on the table, the broker said.
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The company said the reduction was due to years of steady improvements.
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Premium rose across the top 15 P&C risks in 2024.
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Richardson has been with the firm since 2015 and was most recently vice chair and chair of international.
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The programme’s total limit this year is down $594mn to $1.36bn.
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The broker noted a “significant variation” in renewal outcomes.
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The deal, revealed by this publication in December, values the firm at $14bn.
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Niala Butt joins from CNA Hardy, where she was casualty claims manager.
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The measure could have landed insurers with extra tax on US business.
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The deal puts an equity value of £275mn on the broking firm.
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The ruling comes as insurers face growing legal pressures following the January blazes.
