WTW

The SPAC boom of last year never caught on in London, and the FCA updated rules this summer to boost the UK’s competitiveness.

Richard Floyd is to join in 2022, when he will become head of crisis management for Asia.

Greg Rector, managing director of Aerosure, will become MD of Willis’ Australasia aviation division.

The broker saw several exits from its marine team in the run-up to its aborted merger with Aon.

The move follows another recent energy-related departure from Willis, with news that McGill and Partners had hired former upstream energy broker Ian Elwell.

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.