AJ Gallagher
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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.