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Prior to the Willis Re acquisition, Gallagher Re was the worlds fifth-largest reinsurance brokerage. PDF Table of contents - Wtwco.com Kent will retain his role as Willis Re North America president and will continue to work in New York alongside Jim Bradshaw. All content copyright Steve Evans Ltd. 2021 All rights reserved. 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. 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 . This is not a synergy play, this is an investment play, Mr. Gallagher said, noting that it is Gallaghers biggest acquisition to date. Send us a Message. 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. Hub secures additional private-equity investment, 4. 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. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); The Head of Verisks Property Claim Services (PCS) business, Tom , Global data analytics and technology provider Verisk launched XactXpert, a , Reinsurance Association of America has elected Justin OKeefe chair, Jim . 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. Hub secures additional private-equity investment, 4. No further leadership changes have been announced, he said. And to be part of that in a bigger way now, the opportunity for us to know downstream what are the concerns of the reinsurance model? 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. Together, we will build upon our shared focus of outstanding service, expertise and client-centric culture. Gallagher Re will be led by former Willis Re CEO James Kent as global reinsurance CEO. Since then, Kent's salary has increased to $183,300 in 2021. He will help in leading global business production, client. 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." Kent, who is the unit's deputy global. For example, workers compensation. Willis Re global chief executive James Cavanagh described Kent as absolutely the right person to help further Willis Res global development. The deal follows a turbulent seven-month period that saw Gallaghers original offer to buy Willis Re in May fall apart and later be modified and revived after Aon PLCs deal to buy Willis Towers Watson PLC was terminated in July in the face of regulatory opposition. Arthur J. Gallagher & Co. on Wednesday completed its acquisition of Willis Re with a $3.25 billion payment that could rise to $4 billion depending on future revenue. I do see tuck-in acquisition opportunities, and were always interested in creative people joining the firm, he said. 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. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. James Kent, Willis Re's global CEO, said the analysis underlines the reinsurance industry's sensitivity to investment markets. Willis Re 1st View 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. 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. Willis Re 1st View January 1, 2020 3 Property International Overview . 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. We are bringing together highly complementary and well-respected reinsurance businesses to create a truly compelling unified reinsurance platform. The deal . Weve got a group that has come together on both sides. ABOUT WILLIS REOne of the world's leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. But I genuinely see the two businesses as very complementary, he added. Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence. Willis Re combines global expertise with on-the-ground presence and local understanding. They dont know it, but theyre not going to trade with the major carriers around the world without good reinsurance capabilities. This will limit your search to that combination of words. 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. Steve Evans Ltd. registered in England No. Its facultative reinsurance business, which is part of its retail brokerage operations, was not included. 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.. 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. WILLIS TOWERS WATSON PLC Compensation by Company Data Year: 2021 2020 2019 2018 Select Other Years For its 2021 fiscal year, WILLIS TOWERS WATSON PLC, listed the following executives on its annual proxy statement to the SEC Equity Cash Compensation Other Fiscal Year Ended in 2021 Enter an executive or company name Its not just reinsurance. 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. He is absolutely the right person to help further Willis Res global development and I look forward to working with him more closely in his new capacity as Deputy CEO., Carl Hess, Head of Willis Towers Watsons Investment, Risk and Reinsurance segment, added: James appointment reflects the deep strength of Willis Res leadership team and the strong track record within that team of product innovation and financial performance. Get our free email newsletters for weekly summaries & reminders of stories you may have missed --. 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. View all state and local government entities For example, workers compensation. The third is bringing Gallagher Re to our global clients. To search for a combination of terms, use quotations and the & symbol. There is not one person in this deal who is being asked to leave because we have an overlap. It feels that here we are at day one, at a billion dollar startup with tremendous market goodwill, tremendous loyalty by both clients and our colleagues, and the opportunity to build on all of those good things.. The deal is not intended to create cost savings through significant numbers of layoffs as operations are combined, he said. Willis Re makes James Kent global deputy chief executive 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. What are traditional, non-traditional or alternative reinsurance? Kent, who is the units deputy global CEO, takes over after Cavanagh retires in December. Mr. Cavanagh has been CEO at Willis Re since 2012. We will undertake an integration process now that the companies are together, Mr. Kent said in an interview. If you are not familiar with these principles, here are some quick tips. One is about combining the best of the two businesses. Search California public, government employee, workers salaries, pensions and compensation. 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. And if thats right, then the investors are going to do extremely well. Willis Re has promoted James Kent to the role of global deputy chief executive. The best way to contact us is through our online contact form which you can findhere. Transparent California Gallagher Re has opportunity to accelerate ILS sales: James Kent & Pat We also coverlife,weather riskandlongevity risk transfer. Reach the largest reinsurance audience. (Reporting by Gayathree Ganesan in Bengaluru).
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