WTW

Account wins include Swedish steel manufacturer SSAB and iron ore producer LKAB, both won from Aon.

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.”

The group CEO also observed that the Big Three reinsurance brokers do have a competitive moat based on their scale.

The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.

The broker has been restrengthening its team after a period of talent flight in the run-up to the failed Aon merger.

Hong Kong-based Ben MacCarthy will report to Paul Ward, head of global markets P&C in Asia, and joins on 1 December.

Increasing cat costs will drive the focus on modelling and price adequacy, the intermediary said.

Gallagher has pushed retention and equity awards unusually far down the organisation as it looks to keep the team intact.

The watchdog had been due to announce a decision on a further inquiry by 29 November.

Willis Towers Watson has selected Inga Beale, Fumbi Chima, Michael Hammond and Michelle Swanback to join its board of directors.

The announcement follows the initial news in August that Willis had entered a non-binding agreement to buy the broker.