Gallagher Re will be led by former Willis Re CEO James Kent as global reinsurance CEO. Like everywhere else, we will be seeking to make investments in that business in talent to support what we have today and accelerate forward for tomorrow.. Kevin James Made A Fortune On 'The King Of Queens' - TheThings To search specifically for more than one word, put the search term in quotation marks. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website (Cookie Policy). Top Global Insurance & Reinsurance Brokers, the UKs Competition and Markets Authority (CMA) ended its investigation, Tom Johansmeyer leaves PCS to join reinsurance broker Inver Re as Global Head of Index, Verisk launches XactXpert to automate, accelerate property claims estimates review, Reinsurance Association of America elects chair, vice chair of board. The acquisition of Willis Re creates a reinsurance brokerage approaching $1 billion in annualized revenue and makes Gallagher Re the worlds third-largest reinsurance brokerage. Reach the largest reinsurance audience. While there are far fewer reinsurance brokerages operating, there will be opportunities for further acquisitions in that sector, Mr. Gallagher said. Kent added: This combination marks a new chapter for two remarkable reinsurance broking teams as well as for our valued and extremely supportive clients and stakeholders. Insurance Insider is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, Aon banked significant new treaty wins at 1.1 renewal, BP Marsh acquires 35% stake in Verve Risk Services, Q1 losses to drive Munich Re P&C Re CoR above consensus, AI, ChatGPT and the metaverse will accelerate future cyberattacks: Munich Re, Aon posts 7% Q1 organic growth as reinsurance accelerates, MGA Frontier to launch broker subsidiary with Michalowski-Cummings at the helm, Mapfre Q1 net profit down 17.4% at EUR127.6mn, Discover things you shouldn't even know yet. We have much better data and analytics for our clients, well know whats going on at the very base of the capital management structure, and well be able to use that in the retail market.. BIs Article search uses Boolean search capabilities. Our unique perspective allows us to see the critical intersections between talent, assets and ideas the dynamic formula that drives business performance. Willis Towers Watson names North American broking head, Former Willis chief Casserley joins private equity firm, Willis Towers Watson builds new global broking leadership team, 1. Add the product lines knowledge to the expertise, strength and depth that Willis Re brings around the world and its a really exciting combination, said Kent. 2011-2021 salaries for San Francisco | Transparent California Read more about Artemis. For example, hurricane & loss. And that includes attracting talent to the organization as well. Willis Re, Willis Towers Watson P.L.C.'s reinsurance business, said Thursday that James Kent will succeed global CEO John Cavanagh when he retires at the end of the December. Reach the largest reinsurance audience. Im proud of the fact that this team basically chose to become part of Gallagher. This field is for validation purposes and should be left unchanged. AJ Gallagher completes $3.25bn Willis Re acquisition We have 220,000+ readers every month & 19,000+ email subscribers. In the past seven years, Gallagher Re has established itself as the fifth largest reinsurance broker in the world. The best way to contact us is through our online contact form which you can findhere. Commenting on Kents promotion, John Cavanagh said: James is one of the most highly regarded executives in the industry and has a stellar track record of driving innovation and financial performance. James Kent appointed to lead Willis Re as global CEO After several years leading the Willis Re Bermuda office, in 2010 Kent was appointed Willis Re North America president, and moved to New York to work alongside Willis Re North America chief executive Jim Bradshaw and Willis Re North America chairman Paddy Jago. The hope is that these additions will immediately provide exceptional value to insurance carriers and insurance capital providers around the world. I will maintain my very strong ties and working relationships within North America, but having been part of the Willis Re global leadership team now for the past six years, my new role will enable me to further the already close relationships with my International and Specialty colleagues as we continue to build our client-focused business as part of Willis Towers Watson.. He will remain based in New York. Kent stressed that the company had been "humbled" by clients' response in a turbulent market. Wheres the profitability? Willis Re, Willis Towers Watson P.L.C.'s reinsurance business, said Thursday that James Kent will succeed global CEO John Cavanagh when he retires at the end of the December. Willis Re has promoted James Kent to the role of global deputy chief executive. With Arthur J. Gallaghers (AJG) acquisition of Willis Res treaty reinsurance operations now complete, resulting in a much larger Gallagher Re, senior executives told Reinsurance News that it feels like day one at a billion dollar startup. And Im very proud of that. WTW hires from Aon for corporate risk and broking role, 3. Kent, who is the unit's deputy global. James Kent, global chief executive officer at Willis Re, said: "Such a solid development of the global reinsurance industry's capital base would hardly have been expected earlier last year, as the COVID pandemic was gathering pace. Together with Gallaghers existing reinsurance business, the combined operation will trade as Gallagher Re from over 70 offices across 31 countries and incorporate around 2,400 colleagues. Munich Re Specialty names Sabrina Hart president, CEO, COPYRIGHT 2023 BUSINESS INSURANCE HOLDINGS, WTW hires from Aon for corporate risk and broking role, Hub secures additional private-equity investment, Travelers reports lower profit on higher cat losses; price hikes continue, Aon names managing director, public sector partnership, Munich Re Specialty names Sabrina Hart president, CEO. A long-standing member of Willis Res global leadership team, Kent will retain his role as President of Willis Re North America and continue to work in New York alongside Willis Re North America CEO, Jim Bradshaw, to drive sales and growth efforts, produce business and maintain market and client relationships in the region, which has seen 50 percent market share growth over the past five years and now represents Willis Res largest business segment. Risk Strategies' acquisition expands benefits practice03-11-2021. If you are not familiar with these principles, here are some quick tips. Theres no more talk of if, and whos going to come and whos not. At a cost of $3.25 billion, the acquisition is no small investment for AJG, but as Gallagher explained, this is about more than just reinsurance and its expected that synergistic opportunities for Gallagher Re will emerge with other AJG units. AJ Gallagher has completed its acquisition of Willis Towers Watson's treaty reinsurance business. Wakefield confirmed as CEO of Gallagher Re prior to Willis Re merger Kent and his management team have significant work ahead of them that will make it hard for 2022 to. 1. PDF Table of contents - Wtwco.com James Kent, Global CEO, Willis Re July 1, 2019 Improvements to reinsurance treaty terms and conditions are outstripped by more significant changes in primary markets . The Gallagher CEO was speaking alongside new Gallagher Re CEO James Kent following the completion of the number-four broker's $3.25bn acquisition of Willis Re. Get our free email newsletters for weekly summaries & reminders of stories you may have missed --. AJG's Kent to hand reins to Wakefield as he takes on group carrier MOVES-Willis Re names James Kent CEO | Reuters An average 36% of seven sample reinsurance placements of $500m or greater was placed with non-traditional reinsurance markets or using catastrophe bonds, Alexis Faber is the Chief Operating Officer at WTW. Steve Evans Ltd. registered in England No. Because that is what they had, they had a lot of choices down to the individual level, and for all of those new colleagues to say, yes, lets give it a go as Gallagher Re, I couldnt be prouder, said Gallagher. It was announced in August that Gallagher had reached an agreement to acquire all of the treaty operations of Willis Re from its parent for an initial gross consideration of $3.25 billion. James Kent, Global CEO, Willis Re January 1, 2020 . Aon names managing director, public sector partnership, 6. PDF Willis Re 1st View - Wtwco.com Our Leadership - WTW - Willis Towers Watson document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Receive alert notifications by email for every article from Artemis as it gets published. The third is bringing Gallagher Re to our global clients. The industry has endured several years of below-par performance, capped by the calamitous . We will look to accelerate that through Q1, with a structure announcement and management team announcement by the end of the quarter, said Kent. 15 March 2023 AJ Gallagher has named global CEO of Gallagher Re James Kent to a new group role in which he will lead the broker's strategic relationships with its most important. Kent, who was previously co-president of Willis Re and president of Willis Re North America, took up the post with immediate effect. J. Patrick Gallagher, Jr., Chairman, President and CEO, commented: Id like to officially welcome our new reinsurance brokerage colleagues to the Gallagher family of professionals. Gallagher Re's new Global CEO, James Kent, expanded on this, "Like every business within the legacy Willis Re business, we're very proud of the offering and the team that exists, and the ILS . As an executive producer and owner of a percentage of the show's backend equity, he has earned north of $50 million on syndication deals to date." James Kent appointed to lead Willis Re as global CEO Willis Towers Watson Public Limited Company. Its not just reinsurance. Or find and follow Reinsurance News on social media. I am incredibly proud to be leading Gallagher Re into its next phase of growth.. Kent will retain his role as Willis Re North America president and will continue to work in New York alongside Jim Bradshaw. Willis Re, Willis Towers Watson P.L.C.s reinsurance business, said Thursday that James Kent will succeed global CEO John Cavanagh when he retires at the end of the December. Employee Profile of James J. Kent Administrative Law Judge - FederalPay (Reporting by Gayathree Ganesan in Bengaluru). If that can be developed into a fully-integrated offering, it will benefit the group and provide synergistic opportunities to bring ILS capital more closely to its reinsurance clients, as well as embed ILS risk transfer within its broader insurance and reinsurance market product-set. Inside P&C is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, Hubs valuation: A shiver passes through the private broking sector, CNA Q1 reserve charge linked to exited London PL book: CEO Robusto, Need to Know: AIG, Hub investment, Aon results, CinFins severe convective storm exposure led to high cat losses: CEO Johnston, Gain your competitive advantage with Inside P&C. November 28, 2016 12:42 ET During his time in Asia, he also spent 18 months in Shanghai, setting up Willis' China operation. Gallagher Re feels like a billion dollar startup with a tremendous opportunity: James Kent & Pat Gallagher 1st December 2021 - Author: Luke Gallin With Arthur J. Gallagher's (AJG) acquisition of Willis Re's treaty reinsurance operations now complete, resulting in a much larger Gallagher Re, senior executives told Reinsurance News that it . This field is for validation purposes and should be left unchanged. He will help in leading global business production, client. Not only is John a recognized leader of the Willis Re business, he is also a leading figure in the global reinsurance industry. See here for a complete list of exchanges and delays. For more information, visit willisre.com. Get reinsurance news by email here. Under the terms of the deal, Gallagher paid Willis $3.25 billion and agreed to potentially pay an additional $750 million in 2025 based on the revenue of the acquired operations in 2024. Its facultative reinsurance business, which is part of its retail brokerage operations, was not included. Even in areas where there appears to be a concentration such as Latin America and Marine, the two businesses match up really well in having very different client profiles. As weve explained before, Gallagher already has specific ILS, catastrophe bond and collateralized reinsurance expertise in its broking teams and its insurance management unit Artex, which of course owns ILS leading facilitator Horseshoe. Willis Re passed final staffing test 'with flying colors': Kent Willis Towers Watson Public Limited Company. Mr. Kent. Of course, it still isn't going to be plain sailing for new Gallagher Re CEO James Kent. Mr. Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. Search California public, government employee, workers salaries, pensions and compensation Stay updated by joining our mailing list! Willis Re's analysis provides clear evidence of the strength and resilience of reinsurance market capacity. Kent pointed to Willis Re's record level of new business in 2020 and that it has hit a similar threshold in 2021, despite the ongoing uncertainty over its future. James J. Kent is a AL-03 under the administrative law judges payscale . Willis Re 1st View January 1, 2020 5 The imminent arrival of Brexit was not a topic, as German buyers adjusted their panels last year if required. Stay updated by joining our mailing list! Talk to a Willis team member today. Highest-paid insurance executives 2023, 2. AJ Gallagher completes WTW acquisition - Captive International Top Global Insurance & Reinsurance Brokers, Tom Johansmeyer leaves PCS to join reinsurance broker Inver Re as Global Head of Index, Verisk launches XactXpert to automate, accelerate property claims estimates review, Reinsurance Association of America elects chair, vice chair of board. Cavanagh added: James is one of the most highly regarded executives in the industry and has a stellar track record of driving innovation and financial performance. We will look to roll that out through Q1, and by the end of Q1 well have a combined structure and management team in place.. James Kent, Willis Re's global CEO, said the analysis underlines the reinsurance industry's sensitivity to investment markets. Get reinsurance news by email here. April Reinsurance Renewal Pricing 'More of the Same,' Reports Willis Re Alexis is accountable for supporting the company's short- and long-term success through oversight of operations, real estate and technology. Our Leadership - WTW - Willis Towers Watson