AJ Gallagher
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AJ Gallagher had also shown an interest in acquiring the Australian retailer.
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US SCS insured losses YTD already stood at around $12bn prior to these events.
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This was Gallagher’s largest Q1 deal, followed by $66.6mn for Ericson Insurance.
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Gallagher expects "little impact" from the FTC’s non-compete ban on the firm’s M&A strategy.
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The Insurance Insider US news team runs you through the earnings results for the day.
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US SCS accounted for nearly $11bn in global insured losses.
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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The broker attributed increased capacity to improving profitability.
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The market remains “delicately balanced” amid global conflicts and claims deterioration.
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Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.
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Negotiations around US casualty and financial lines were more stressed.
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There is more capacity in the market for long-term risks.
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Concerns around casualty rate adequacy are growing, the executive said.
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The talks are advanced, and the process is likely to move rapidly.
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Driscoll and Lubert have been promoted to presidents.
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Insurance Insider US examines public brokers’ 2023 M&A.
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The vulnerability updates are the biggest driver of loss changes.
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The 1 January treaty renewal was “far more orderly”.
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The recruits join from Ardonagh, Guy Carpenter, Howden and Miller.
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According to its 2023 10-K, Gallagher spent $3.74bn on M&A activity.
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The probe concluded in Q4 last year, according to Gallagher’s 10-K.
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Justin Ward will lead the firm’s production efforts in the expanding MGA market.
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In Q3, RPS recorded 7% organic growth, marking a deceleration from 10% in Q2 and 8% in Q1.
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The Insurance Insider US news team runs you through the earnings results for the day.
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A deal would mark Amwins’ second LatAm sale, after this publication revealed that Lockton acquired THB Brazil last May.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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Based in Brazil, the executive also has prior experience at Liberty Seguros, where he was regional manager, and Chubb, where he was LatAm surety underwriting manager.
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This follows a challenging period for business last year.
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The new team is one of several the broker has set up in the past 18 months.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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Kevin Doyle joined RPS over five years ago as VP for the Western region, and in 2021 he was promoted to P&C Chicago area president.
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The Insurance Insider US news team runs you through some of the key M&A intelligence from the past week.
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Hansen’s role will be effective after a transition period with departing COO Chris Brook.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The broker said dynamics were dependent on full-year results, after years of poor returns.
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The senior retro/specialty broker spent 26 years at Willis Re, which was acquired by Gallagher in 2021.
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Broker and commercial carrier trends separate as inflation slows but rates stay elevated.
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The transaction follows the acquisition of Candence Insurance for over $900mn and Eastern Insurance for $510mn.
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Increased private investments by (re)insurers have been a “theme of the year” according to Johnston, who described the year as “one of consistency.”
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The economic losses from the event are expected to exceed $10bn, the report added.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The unit almost doubled its organic growth rate from 11% in Q2, while in Q1 the division posted 12% organic growth.
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Excluding both pending acquisitions, Gallagher has around 45 term sheets signed or being prepared, representing more than $450mn of annualized revenue.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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Pat Gallagher, who previously held the role of president since 1990, has “no plans to retire” and will remain as chairman and CEO.
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The agreement comes a month after Inside P&C revealed that the Southern bank had retained Morgan Stanley to run a sale process of its insurance business.
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Climate change is causing an upward trend in losses, but it should not be conflated with the impact of seasonal variability, according to Gallagher Re.
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The broker said that $100bn+ loss years have become the “new normal”.
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Looking to the key Q4 renewal period, Gallagher said there is “little to suggest a drastic shift in conditions”.
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The report also highlighted general liability policies as an area of potential exposure to insurers.
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Gallagher Re’s chief science officer warned that US SCS activity will keep rising.
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He will be responsible for oversight of all aspects of the practice and leading the firm's growth in the market.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Eastern Insurance Group, a wholly owned subsidiary of Eastern Bankshares, is the third largest bank-affiliated insurance brokerage in the US, according to the company’s announcement.
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Most of the broker’s clients have incurred losses below or about equal to ceded premiums and only one with losses exceeding ceded premiums.
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The impact of the Hawaii wildfires on the wholesaler’s Q3 contingents is anticipated to be between $2mn to $4mn.
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The executive will move to the (re)insurer after almost two years at Gallagher Re, a company he joined after the acquisition of Willis Re in late 2021.
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The repercussions of the war between Russia and Ukraine continue to affect several countries, including Egypt and Somalia, as a result of grain-supply interruptions.
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The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.
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The appointment confirms this publication's report earlier this week that former Howden treaty specialists Posada and Ivan Monroy are joining Gallagher’s regional unit.
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The role was originally slated to be taken on by now retired James Kent, former CEO of Gallagher Re.
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The question of how to finance the private brokers no longer begins and ends with a PE flip.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.
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WTW is quietly sounding out market executives for a potential relaunch into reinsurance once its two-year non-compete agreement with Gallagher Re ends in December, this publication can reveal.
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Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.
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The Inside P&C news team runs you through the earnings results for the day.
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The loss tally comes in 39% above the average for the 21st century.
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The aviation war segment is also proving ‘treacherous’ to buyers, according to the latest Plane Talking report.
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Reinsurers began relaxing limits on US property exclusions, but the lack of new start-ups points towards stability amid a more orderly market, the broker forecast.
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The broker said increased reinsurance costs had not been passed onto customers.
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The broker said clients could save money, increase limits and buy extra coverage.
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Hot and dry weather in the summer and fall is also a conditional factor.
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Veiga joins from IRB Brazil, where he spent the last 19 years in a variety of underwriting and executive roles across several business lines.
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Johnson will be responsible for producing new business for large casualty structured reinsurance solutions, as well as driving talent recruitment and retention in North America.
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Capital markets are "likely to become a key ingredient of a healthier and sustainable (re)insurance market".
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Gallagher Re is looking to increase its presence in the North American large-account space, where it is underweight compared with rivals.
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The outgoing CEO will now retire from the company rather than taking up a group carrier relationship role.
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Tom Wakefield will formally become CEO of Gallagher’s reinsurance broking unit on 1 June, reporting to EMEA CEO Simon Matson.
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The Illinois-based intermediary paid $86.4mn in cash and recorded an earnout payable of $5.9mn, according to its Q1 10-Q.
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Mega-round funding accounted for the smallest percentage of total funding since Q1 2020, according to Gallagher Re’s latest Global InsurTech Report.
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Though strong growth continues, the future is less clear as driving forces potentially run out of steam.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.
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Gallagher’s operating earnings per share soared 9.8% to $3.03 – beating analyst consensus of $2.99 earnings per share – in Q1.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Sources said the executive had a minority ownership interest believed to be around 20%-30% of the operation.
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GC’s Steve Housse and AJG’s James Elliott have resigned to join the challenger reinsurance broker.
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In the first quarter of the year, the total global economic loss for all natural hazards was estimated at $77bn.
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EMEA CEO Simon Matson said the company will announce “the optimum structure for this part of Gallagher” once it is finalized.
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Bart Zanelli will work within Gallagher Securities, specialising in capital raising and M&A.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Incoming Gallagher Re CEO Tom Wakefield will also report to EMEA CEO Matson, who gets an expanded role.
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Global reinsurers also reported a slight deterioration of their combined ratios in 2022, with the average for the year being 95.7% compared with 94.7% in 2021.
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Inside P&C takes a deep dive into public brokers’ M&A activity in 2022 as Q4 earnings season comes to an end.
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The specialty leader had worked at recent acquisition Willis Re since 1998.
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The company is “not seeing any meaningful economic slowdown” within its data.
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The executive will be charged with unifying carrier engagement and bringing together Gallagher’s offerings.
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The appointments aim to provide clients with a product-agnostic view on accessing capital in a capacity-constrained market.
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The acquisitive broker booked $35.6mn of cash paid in the deal, along with a $106.9mn earnout payable, according to its 2022 10-K filed today with the SEC.
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Based in Stamford, Connecticut, she will work to align Gallagher Re’s extensive resources with the needs of MGAs.
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For InsurTechs, the most significant feature of 2022 is that the narrative around ‘disruption’ seems to be “truly over”, Gallagher Re said.
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The intermediary tallied $360bn in economic losses worldwide.
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The CEO also heralded the group’s “best full-year brokerage segment organic performance in decades”, with a figure of 9.7%.
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Gallagher’s adjusted earnings per share climbed 18.5% to $1.54, beating analysts’ consensus of $1.49 earnings per share in Q4.
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Aviation insurers are still facing uncertainty moving into 2023, with a slew of legal cases, and large losses from the previous quarters looming above them.
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Claims were widespread in the class of business during 2022, with almost all areas warranted claimed against.
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Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.
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The executive said many reinsurers have secured the pricing and terms necessary to cover their cost of capital.
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Political violence renewals have been especially demanding, the broker said.
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The broker said a dearth of IPOs had created a “buoyant environment”, with both start-ups and incumbents competing.
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Inflation, rising reinsurance costs and rebounding shipping activity all pose challenges for the market.
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With a cash consideration of $170mn and approximately $22.5mn of potential earnout obligation, the M&T deal is likely Gallagher’s largest since Willis Re.
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The broker said rate rises on IG reinsurance could be up to 10% following the impact of Hurricane Ian.
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The Q3 settlement gain of $35mn net of litigation costs and taxes will be recognized in Q4, SEC filings show.
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The US DoJ is seeking information related to Gallagher's insurance business with public entities in Ecuador.
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The latest Gallagher Re InsurTech study shows that, beyond the biggest funding rounds in Q3, investment fell to its lowest level since early 2020.
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Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The CEO provided analysts with an update on the company’s December 2021 acquisition of Willis Re, stating that Gallagher Re grew organic revenue by 8% in the quarter.
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Gallagher’s adjusted earnings per share soared 29% to $1.72, beating analysts’ consensus of $1.66 earnings per share in Q2.
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As the super-cycle slows and the economic landscape becomes more uncertain, brokers will face pressure, though a cooling labor market may aid margins.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Both lawsuits and counterclaims were dismissed with prejudice, barring the brokers from bringing the disputes to another US court.
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The hull war market is also looking to target premiums in excess of $500mn, up from the $180mn it achieved in 2021.
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The executive will be responsible for leading RPS Signature Programs to deliver admitted and non-admitted proprietary programs for niche markets.