Learn more at willistowerswatson.com. 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. Whats happening with accumulations? Get in touch directly using our contact form. 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. And that includes attracting talent to the organization as well. One is about combining the best of the two businesses. This is not a synergy play, this is an investment play, Mr. Gallagher said, noting that it is Gallaghers biggest acquisition to date. The hope is that these additions will immediately provide exceptional value to insurance carriers and insurance capital providers around the world. "Thankfully strong capital growth in 2019 allied to judicious investment strategies by many companies has put the industry in a good position to weather the current volatile environment," he said. Register today for ILS Asia 2023, our next insurance-linked securities (ILS) market conference. Additional notes: Kent joined Willis Re in 2004 as Executive Vice President, Willis Re Bermuda, bringing more than 15 years experience producing and placing Property and Casualty treaty business across both London and Bermuda. James Kent, Global CEO, Willis Re January 1, 2020 . 07337195. 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There is not one person in this deal who is being asked to leave because we have an overlap. 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. 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.. We have 220,000+ readers every month & 19,000+ email subscribers. 07337195 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. WTW hires from Aon for corporate risk and broking role, 3. I do see tuck-in acquisition opportunities, and were always interested in creative people joining the firm, he said. 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 . For group CEO Gallagher, this is another seminal moment for AJG. November 28, 2016 12:42 ET The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. I am incredibly proud to be leading Gallagher Re into its next phase of growth.. Website Privacy & Cookies and Disclaimer. Aon names managing director, public sector partnership, 6. Gallagher Re feels like a billion dollar startup with a tremendous opportunity: James Kent & Pat Gallagher 1st December 2021 - Author: Luke Gallin With Arthur J. Gallagher's (AJG) acquisition of Willis Re's treaty reinsurance operations now complete, resulting in a much larger Gallagher Re, senior executives told Reinsurance News that it . 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. Discover our wide range of surface material solutions with our sales team. 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 . 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.. Willis Re has promoted James Kent to the role of global deputy chief executive. | Source: Gallagher Re will be led by former Willis Re CEO James Kent as global reinsurance CEO. 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. And Im very proud of that. Theres no more talk of if, and whos going to come and whos not. Travelers reports lower profit on higher cat losses; price hikes continue, 5. To search specifically for more than one word, put the search term in quotation marks. J. Patrick Gallagher. 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. The way were looking at this, is really a billion dollar startup, said Kent. 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.. James Kent, Global CEO, Willis Re July 1, 2019 Improvements to reinsurance treaty terms and conditions are outstripped by more significant changes in primary markets . Reach the largest reinsurance audience. The deal will also enhance Gallaghers insurance brokerage operations, said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher. See here for a complete list of exchanges and delays. What are insurance-linked securities (or ILS)? Kent, who is the units deputy global CEO, takes over after Cavanagh retires in December. He joined Willis Re in 2009 after spending 21 years at the Carvill Group, where he was joint CEO. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Receive alert notifications by email for every article from Artemis as it gets published. Willis Re combines global expertise with on-the-ground presence and local understanding. Reinsurance is at the heart of every retail clients need. 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. 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. Get reinsurance news by email here. Like everywhere else, we will be seeking to make investments in that business in talent to support what we have today and accelerate forward for tomorrow.. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. 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. 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. People say why the big investment? James Kent, Willis Re's global CEO, said the analysis underlines the reinsurance industry's sensitivity to investment markets. 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.. That is all going to play a huge part, said Gallagher. Kent will retain his role as Willis Re North America president and will continue to work in New York alongside Jim Bradshaw. Tagged as: capital markets, Cat bond, Catastrophe bond, Collateralized reinsurance, ILS funds, Insurance linked securities, mergers & acquisitions, reinsurance, reinsurance broker, sidecar, third-party reinsurance capital, Receive a regular weekly email newsletter update containing all the top news stories, deals and event information. To search specifically for more than one word, put the search term in quotation marks. Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. To search for a combination of terms, use quotations and the & symbol. Because that is what they had, they had a lot of choices down to the individual level, and for all of those new colleagues to say, yes, lets give it a go as Gallagher Re, I couldnt be prouder, said Gallagher. Online since 1999, Artemis provides news, analysis & data on catastrophe bonds, insurance-linked securities & alternative reinsurance capital.. Kent began working at the Social Security Administration in 2011 with a starting salary of $118,612. The Gallagher CEO was speaking alongside new Gallagher Re CEO James Kent following the completion of the number-four broker's $3.25bn acquisition of Willis Re. 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. Mr . We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. View all state and local government entities So, if we get those four things right, I feel that will underpin a business for the foreseeable future that will be very, very effective, said Kent. Kent immediately takes up his new role at Willis Re, working closely with global CEO John Cavanagh and global chairman Paddy Jago. LONDON, Aug. 07, 2015 (GLOBE NEWSWIRE) -- Willis Re, the reinsurance division of Willis Group Holdings plc (NYSE:WSH), the global risk advisory, re/insurance broking, and human capital and. 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. To search for a combination of terms, use quotations and the & symbol. Mr. Cavanagh has been CEO at Willis Re since 2012. Ahead of this years RVS, Willis Re gobal chief executive John Cavanagh talked to Global Reinsurance about the WTW merger, disruption and the need to be proactive, Published by Newsquest Media Group Limited, registered in England & Wales with number 01676637 at Loudwater Mill, Station Road, High Wycombe HP10 9TY - a Gannett company, DWIC, 8 and 9 March 2023, Ritz Carlton DIFC, Dubai. Kent explained that while theres been a ton of integration work on the operational side to bring these two entities together, the reinsurance business integration starts now. This field is for validation purposes and should be left unchanged. 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? 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. For example, hurricane & loss. 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." Talk to a Willis team member today. Alexis Faber is the Chief Operating Officer at WTW. 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. 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. That means the AJG group has already been quite active in ILS, but now with the assumption of the Willis Re Securities team and its expertise in structuring and selling ILS and catastrophe bond securities, as well as capital raising, the company now has a holistic ILS market offering. 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. Hub secures additional private-equity investment, 4. Add to that the long-established global footprint and success of the Willis Re business, and its a really exciting combination. 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. Global re/insurance broker Arthur J. Gallagher & Co. has completed its previously announced acquisition of the treaty reinsurance operations of rival Willis Towers Watson (WTW). 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 really at the heart of everything that happens in this industry. Hub secures additional private-equity investment, 4. Get reinsurance news by email here. What is collateralized (or collateralised) reinsurance? Kent stressed that the company had been "humbled" by clients' response in a turbulent market. AJ Gallagher has completed its acquisition of Willis Towers Watson's treaty reinsurance business. 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. Aon names managing director, public sector partnership, 6. As with any business, integration sounds very easy to say but youve got to put it into practice, and human beings are complex. 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. Together, we unlock potential. And if thats right, then the investors are going to do extremely well. Im talking to retailers every day about why they should be excited about this deal, the position that it puts us in and why that benefits the retail middle market client, he continued. Mr. Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. 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. For example, hurricane & loss. James J. Kent is a AL-03 under the administrative law judges payscale . Expanding on Kents comments around talent, Gallagher commended the tremendous effort of the executive and leadership team of Willis Re through the entire organisation for being able to keep the team together. 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.

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