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. Get in touch directly using our contact form. Following a successful tenure leading Willis Res Bermuda office, in 2010, Kent was appointed President of Willis Re North America, moving to New York to work alongside Willis Re North America CEO, Jim Bradshaw, and Willis Re North America Chairman, Paddy Jago. He will remain based in New York. Gallagher Res new Global CEO, James Kent, expanded on this, Like every business within the legacy Willis Re business, were very proud of the offering and the team that exists, and the ILS team is absolutely part of that. Spinnaker targets debut catastrophe bond, $100m Mountain Re Ltd. catastrophe bonds, insurance-linked securities, insurance & reinsurance linked investments, Get our free email newsletters for weekly summaries & reminders of stories you may have missed. What are industry loss warranties (ILWs)? Mr. Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. The industry has endured several years of below-par performance, capped by the calamitous . Kent, who was previously co-president of Willis Re and president of Willis Re North America, took up the post with immediate effect. 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. Read more about Artemis. What is life insurance securitization or life ILS? Now theyve landed, the waiting period is over. Of course, with any merger theres going to be integration and certain challenges that come with that. The deal is not intended to create cost savings through significant numbers of layoffs as operations are combined, he said. Get in touch directly using our contact form. Search California public, government employee, workers salaries, pensions and compensation Stay updated by joining our mailing list! This will limit your search to that combination of words. Combined with Gallagher's existing reinsurance operations, the business, trading as Gallagher Re, brings together more than 70 offices across 31 countries and 2,400 staff. Theres no more talk of if, and whos going to come and whos not. Willis Re combines global expertise with on-the-ground presence and local understanding. 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. We have 220,000+ readers every month & 19,000+ email subscribers. 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. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website (Cookie Policy). However, if you would like to, you can change your cookie settings at any time. Willis Re 1st View July 1, 2021 3 Property Commentary by Territory Australia An orderly renewal with no material changes to wordings or conditions. All quotes delayed a minimum of 15 minutes. Sign up today for your free Reader Account. . James Kent, global CEO of Willis Re, said the market "landscape has not seen much change" since January 1 and consequently the important April 1 renewals "saw more of the same between . Alexis is accountable for supporting the company's short- and long-term success through oversight of operations, real estate and technology. Add to that the long-established global footprint and success of the Willis Re business, and its a really exciting combination. Discover our wide range of surface material solutions with our sales team. I see the management teams, certainly in the interactions that Ive had, as incredibly mature and focused on two things: our clients and our colleagues. Gallagher says that the acquisition brings specialist expertise, underpinned by a portfolio of analytics capabilities including catastrophe modeling, dynamic financial analysis, rating agency analysis and capital modeling. Reach the largest reinsurance audience. ABOUT WILLIS TOWERS WATSONWillis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. The second is real and proper connectivity between our product and practice groups in our regions, so that youre delivering that knowledge and expertise right across the globe, irrespective of where it sits. This field is for validation purposes and should be left unchanged. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 territories. For example, workers compensation. Just one quarter in since the completion of the purchase of Willis Re by Gallagher, James talks to Mark Geoghegan about the prospects that new ownership and investment are going to deliver and why building a customer and market-facing ecosystem are fundamental. He will report to Tom Gallagher, Gallaghers CEO of global property & casualty brokerage. The reinsurance portion of Gallagher now will be incredibly additive to what we are doing as a retailer, Mr. Gallagher said. Willis Re 1st View January 1, 2020 3 Property International Overview . Travelers reports lower profit on higher cat losses; price hikes continue, 5. Steve Evans Ltd. registered in England No. Wakefield will lead the business through to the integration with Willis Re, at which point Willis Re CEO James Kent is expected to take on the Gallagher Re leadership, with Wakefield. Reinsurance is at the heart of every retail clients need. One is about combining the best of the two businesses. 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. No further leadership changes have been announced, he said. 07337195. Her industry expertise spans more than 20 years in insurance and financial services. Im proud of the fact that this team basically chose to become part of Gallagher. Aon names managing director, public sector partnership, 6. Get a ticket soon to ensure you can attend. To search for a combination of terms, use quotations and the & symbol. 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. 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..
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