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The number #3 reinsurance broker still needs to land the integration and fend off poaching from rivals, but it has held the line well and turbulence will lessen. -
In an interview, the new Gallagher Re CEO noted that his former company had been weighed down by nearly two years of uncertainty, telling this publication: “That stops today.”
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The group CEO also observed that the Big Three reinsurance brokers do have a competitive moat based on their scale.
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The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.
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The executive was speaking at an investor day following the deal to sell PartnerRe to Covea.
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As a result of the deal, EY, through its wholly owned subsidiary Shackleton, becomes a minority shareholder in IncubEx.
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BMS has also walked away from a deal after a brief rekindling of negotiations.
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The business has appointed two to its London team and 16 to its New York unit.
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The watchdog had been due to announce a decision on a further inquiry by 29 November.
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The proceeds of the transaction will be used to fund a $1bn share repurchasing programme.
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The announcement follows the initial news in August that Willis had entered a non-binding agreement to buy the broker.
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RSA’s London Market and European specialty lines teams are to set to join forces with Intact’s global specialty team, following Intact’s acquisition of RSA’s UK & International business (UK&I) in June.
