We also publish Artemis.bm, the leading publisher of news, data and insight for the catastrophe bond, insurance-linked securities, reinsurance convergence, longevity risk transfer and weather risk management sectors.. Weve published and operated Artemis since its launch 20 years ago and have a readership of around 60,000 every month. 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. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. said Friday that it has named Joe Peiser to succeed Matt Keeping as head of broking, North America, part of its corporate risk and broking segment. This field is for validation purposes and should be left unchanged. 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. As with any business, integration sounds very easy to say but youve got to put it into practice, and human beings are complex. Both Kent and Gallagher foresee numerous opportunities for the now much bigger Gallagher Re, including the mix of talent between the two organisations and also the way the businesses complement each other. He was appointed to the additional role of Co-President, Willis Re, in August 2015. To search for a combination of terms, use quotations and the & symbol. I do see tuck-in acquisition opportunities, and were always interested in creative people joining the firm, he said. AJ Gallagher has completed its acquisition of Willis Towers Watson's treaty reinsurance business. To search specifically for more than one word, put the search term in quotation marks. We will look to accelerate that through Q1, with a structure announcement and management team announcement by the end of the quarter, said Kent. The way were looking at this, is really a billion dollar startup, said Kent. We are bringing together highly complementary and well-respected reinsurance businesses to create a truly compelling unified reinsurance platform. Gallagher Re now has an exciting opportunity to evolve its reinsurance broking and ILS management offerings, to now incorporate the ability to structure and sell securities issuances. 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. But I genuinely see the two businesses as very complementary, he added. Together, we unlock potential. Im proud of the fact that this team basically chose to become part of Gallagher. This is according to AJG Chairman, President and CEO Pat Gallagher and James Kent, the new Global Chief Executive Officer (CEO) of Gallagher Re, who spoke with Reinsurance News about the successful acquisition and what this means going forwards. If you are not familiar with these principles, here are some quick tips. 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. 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. 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. That is all going to play a huge part, said Gallagher. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website (Cookie Policy). As chancellor of the New York Court of Chancery (1814-23), he is said to have made . ESG investment in insurance-linked securities (ILS), Monte Carlo Reinsurance Rendezvous Archives, Mortgage insurance-linked notes transactions, UCITS Catastrophe Bond Funds assets under management, Pension funds investing in insurance-linked securities (ILS), Indenture Trustee, Paying Agent & Escrow Agent Services, Weather Risk Management, Insurance & Trading, Artemis Live Video interviews & content, List of Reinsurer Capital Markets Activities, Cat Bond, ILS, Reinsurance Reading For Beginners. For example, workers compensation. Search California public, government employee, workers salaries, pensions and compensation. Register today for ILS Asia 2023, our next insurance-linked securities (ILS) market conference. The third is bringing Gallagher Re to our global clients. The 6th Annual Dubai World Insurance Congress (DWIC) continues to reimagine the traditional conference. He joined Willis Re in 2009 after spending 21 years at the Carvill Group, where he was joint CEO. Willis Towers Watson Public Limited Company. And the fourth is about talent; its about providing a platform where colleagues want to work, where they want to stay, where they see their long-term career aspirations. Or, email[emailprotected]with any questions, suggestions or advertising enquiries. I think the key, and it really comes back to integration, is how do we best integrate that within the entirety of the Gallagher organization, and specifically Gallagher Re, to best serve our clients and make it most effective for our clients, in terms of new sales. James Kent. The deal is not intended to create cost savings through significant numbers of layoffs as operations are combined, he said. Mr. Kent. Now theyve landed, the waiting period is over. The hope is that these additions will immediately provide exceptional value to insurance carriers and insurance capital providers around the world. From January 2019 to December last year, Granholm reported earning at least $2 million, according to a financial disclosure she filed before becoming energy secretary. All content copyright Steve Evans Ltd. 2021 All rights reserved. This is not a synergy play, this is an investment play, Mr. Gallagher said, noting that it is Gallaghers biggest acquisition to date. And if thats right, then the investors are going to do extremely well. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. John has been instrumental in creating the reinsurance business we have today and will leave a strong legacy., Mr. Kent said in a statement that he was honored to have this opportunity to lead Willis Re., In succeeding John, Mr. Kent said, I look forward to further enhancing our proposition to help clients effectively manage their risk while building on the collaborative culture so integral to our proposition for both clients and colleagues.. While there are far fewer reinsurance brokerages operating, there will be opportunities for further acquisitions in that sector, Mr. Gallagher said. Secure your place at the event here! J. Patrick Gallagher. Our primary focus is oncatastrophe bonds, insurance-linked securities,alternative reinsurance capital,insurance & reinsurance linked investments. Gallagher Re will be led by James Kent as Global Reinsurance Chief Executive Officer (CEO), reporting to Tom Gallagher, who is Gallaghers CEO of Global Property & Casualty Brokerage. Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. GR Main Edition 2022: Disrupting the Oligopoly, GR at SIRC 2019: Day 3 live & free to read, WTW employment scheme for adults with autism extended to UK. There is not one person in this deal who is being asked to leave because we have an overlap. While it remains smaller than rivals Aon and Guy Carpenter & Co. LLC, a unit of Marsh & McLennan Cos. Inc., the three largest reinsurance brokers dwarf other reinsurance intermediaries in the market. I am confident the combination will deliver tremendous value to our clients, our global brokerage and risk management teams, and our shareholders.. 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. Aon names managing director, public sector partnership, 6. What is life insurance securitization or life ILS? This site, like many others, uses small files called cookies to ensure that we give you the best experience on our website. Following a successful tenure leading Willis Re's Bermuda office, in 2010, Kent was appointed President of Willis Re North America, moving to New York to work alongside Willis Re North America . Consistent with the 1.1 and 1.4 renewals pressure on pricing especially on loss In November, the UKs Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. Online since 1999, Artemis provides news, analysis & data on catastrophe bonds, insurance-linked securities & alternative reinsurance capital.. Sign up today for your free Reader Account. He is a well-respected leader within this business and has played a significant role in shaping Willis Re over the past decade, particularly in driving the growth of our Bermuda and North America operations.. Travelers reports lower profit on higher cat losses; price hikes continue, 5. Steve Evans Ltd. registered in England No. James Kent, (born July 31, 1763, Fredericksburgh, Putnam County, N.Y.died Dec. 12, 1847, New York City), jurist whose decisions and written commentaries shaped the inchoate common law in the formative years of the United States and also influenced jurisprudence in England and other common-law countries. The data and analytics that well receive now for our clients, and how well use that data and analytics, it just makes us stronger across the spectrum. Website Privacy & Cookies and Disclaimer. The deal will also enhance Gallaghers insurance brokerage operations, said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher. Kent, who is the units deputy global CEO, takes over after Cavanagh retires in December. James Kent, Willis Re's global CEO, said the analysis underlines the reinsurance industry's sensitivity to investment markets. 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. LONDON, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Willis Re, the reinsurance business of leading global advisory, broking and solutions company Willis Towers Watson (NASDAQ:WLTW), today announced the promotion of James Kent Co-President of Willis Re and President of Willis Re North America to the position of Global Deputy CEO, Willis Re, with immediate effect. Her industry expertise spans more than 20 years in insurance and financial services. Prior to this, he held regional CEO roles in Continental Europe and Australasia. Steve Evans Ltd. registered in England No. "The truth is, there's been a . What are traditional, non-traditional or alternative reinsurance? Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Its not just reinsurance. What are insurance-linked securities (or ILS)? 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. Kent joined Willis Re in 2004 as Willis Re Bermuda executive vice president, bringing more than 15 years experience producing and placing property and casualty treaty business across both London and Bermuda. This will limit your search to that combination of words. Under John Cavanagh, Paddy Jago and the rest of the Willis Re leadership team, Willis Res development as a highly collaborative and client-focused business within the investment, risk and reinsurance arena continues to set it apart in the marketplace.. 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. Gallagher has a long history of growing its retail operations through numerous small acquisitions. 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.. WTW hires from Aon for corporate risk and broking role, 3. Risk Strategies' acquisition expands benefits practice03-11-2021. See here for a complete list of exchanges and delays. Willis Re 1st View January 1, 2020 3 Property International Overview . For the final seasons, he earned $400,000 per episode. Reach the largest reinsurance audience. So, whats good about this is that the integration conversations arent about who wins and who loses, when sometimes thats the way integrations have to go. 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. He will remain based in New York. Send us a Message. November 28, 2016 12:42 ET The industry has endured several years of below-par performance, capped by the calamitous . 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. Its all about how do we take this thing forward as quickly as we can, said Gallagher. Home / Cities / San Francisco 2011-2021 salaries for San Francisco 438,057 employee records found - Page 1 of 8,762 Subscribe to this agency . Gallagher Re has strengths in many business lines, and whether thats mortgage, cyber, UK motor, PA or specialty lines, they are a really good fit with the existing Willis Re footprint. Held in Singapore, July 13th, 2023. 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 . Or find and follow Reinsurance News on social media. We will undertake an integration process now that the companies are together, Mr. Kent said in an interview. She joined WTW in 2003 and has held a number of senior leadership . Gallagher struck a deal to acquire Willis Re for $3.25bn in August in the wake of the collapsed Aon-Willis Towers Watson merger. Alexis Faber is the Chief Operating Officer at WTW. This will limit your search to that combination of words. Kent, who was previously co-president of Willis Re and president of Willis Re North America, took up the post with immediate effect. Its facultative reinsurance business, which is part of its retail brokerage operations, was not included. 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. 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. Get reinsurance news by email here. 2,200 new colleagues and virtually everybody said yes, lets give this a go, said Gallagher. Kent, who was previously co-president of Willis Re and president of Willis Re North America, took up the post with immediate effect. Willis Re 1st View July 1, 2021 3 Property Commentary by Territory Australia An orderly renewal with no material changes to wordings or conditions. James Kent, Global CEO, Willis Re January 1, 2020 . With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 territories. Get reinsurance news by email here. 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.
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