Or, email[emailprotected]with any questions, suggestions or advertising enquiries. Alexis is accountable for supporting the company's short- and long-term success through oversight of operations, real estate and technology. Under the terms of the deal, Gallagher paid Willis $3.25 billion and agreed to potentially pay an additional $750 million in 2025 based on the revenue of the acquired operations in 2024. 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. You combine that leadership team and the team from Willis Re, and it is a one plus one equals five. 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. In the past seven years, Gallagher Re has established itself as the fifth largest reinsurance broker in the world. Willis Towers Watson P.L.C. Willis Re 1st View (Reporting by Gayathree Ganesan in Bengaluru). James Kent, global CEO of Willis Re, said the market "landscape has not seen much change" since January 1 and consequently the important April 1 renewals "saw more of the same between . Kent, who is the units deputy global CEO, takes over after Cavanagh retires in December. This field is for validation purposes and should be left unchanged. Travelers reports lower profit on higher cat losses; price hikes continue, 5. 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. 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.. 2,200 new colleagues and virtually everybody said yes, lets give this a go, said Gallagher. Tom Wakefield, a former Aon executive who was named CEO of Gallagher Re in June, will head Gallagher Res U.K. business and report to Mr. Kent and Simon Matson, CEO of Europe, the Middle East and Africa for Gallagher, Mr. Kent said. No further leadership changes have been announced, he said. Website Privacy & Cookies and Disclaimer. Willis Re 1st View January 1, 2020 3 Property International Overview . In 2021, James J. Kent was an Administrative Law Judge at the Social Security Administration in Lansing, Michigan. Willis Re has promoted James Kent to the role of global deputy chief executive. Speaking in an interview with Artemis just after the acquisition of Willis Re was announced, new Global CEO of Gallagher Re James Kent and AJG CEO Pat Gallagher, explained that the insurance-linked securities (ILS) business offering of Willis Re Securities is a key area of opportunity. Highest-paid insurance executives 2023, 2. We have 220,000+ readers every month & 19,000+ email subscribers. We will undertake an integration process now that the companies are together, Mr. Kent said in an interview. What is life insurance securitization or life ILS? Get our free email newsletters for weekly summaries & reminders of stories you may have missed --. 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. This will limit your search to that combination of words. Whats happening with accumulations? 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. Prior to this, he held regional CEO roles in Continental Europe and Australasia. Willis Towers Watson Public Limited Company We have 220,000+ readers every month & 19,000+ email subscribers. Between 2012 and 2015, he served as the regional CEO of Willis Asia, based in Singapore, leading Willis' strategy in high-growth markets in the region. Willis Re's analysis provides clear evidence of the strength and resilience of reinsurance market capacity. 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. 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. Talk to a Willis team member today. We will look to accelerate that through Q1, with a structure announcement and management team announcement by the end of the quarter, said Kent. Of course, it still isn't going to be plain sailing for new Gallagher Re CEO James Kent. James Kent, Global CEO, Willis Re, said: "Reinsurance providers will be heartened by these results. 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 . And if thats right, then the investors are going to do extremely well. Held in Singapore, July 13th, 2023. I think when we look back on this in years to come well say that it was one of the greatest things that the organization ever did, both for our clients and for our people. All content copyright Steve Evans Ltd. 2021 All rights reserved. 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. The filing showed diverse . 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. So, Gallagher had some investments in businesses that have an ILS association. 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. 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. To search specifically for more than one word, put the search term in quotation marks. 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. 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 would like to thank John for his tremendous contribution to Willis Towers Watson, Carl Hess, the brokerages head of investment, risk and reinsurance, said in a statement. Kent immediately takes up his new role at Willis Re, working closely with global CEO John Cavanagh and global chairman Paddy Jago. AJ Gallagher has completed its acquisition of Willis Towers Watson's treaty reinsurance business. Its not just reinsurance. 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. 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. Commenting on Kents promotion, John Cavanagh said: James is one of the most highly regarded executives in the industry and has a stellar track record of driving innovation and financial performance. 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. For example, workers compensation. What is collateralized (or collateralised) reinsurance? 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. See here for a complete list of exchanges and delays. For example, hurricane & loss. All content copyright Steve Evans Ltd. 2021 All rights reserved. Gallagher struck a deal to acquire Willis Re for $3.25bn in August in the wake of the collapsed Aon-Willis Towers Watson merger. | Source: With the completion of its acquisition of the treaty reinsurance business of Willis Towers Watson, Arthur J. Gallagher and its reinsurance unit Gallagher Re has an opportunity to accelerate sales of insurance-linked securities (ILS), its senior executives told Artemis. James Kent, Global CEO, Willis Re January 1, 2020 . Get in touch directly using our contact form. Kent began working at the Social Security Administration in 2011 with a starting salary of $118,612. Of course, with any merger theres going to be integration and certain challenges that come with that. Kent will retain his role as Willis Re North America president and will continue to work in New York alongside Jim Bradshaw. James Kent, Global CEO, Willis Re July 1, 2021 . The deal . Together, we unlock potential. 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. View all state and local government entities Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Steve Evans Ltd. registered in England No. And as long as that remains, we are going to get there in terms of a really, really strong integration process and bringing out whats best again for those two constituents, our clients and our colleagues.. Hub secures additional private-equity investment, 4. That is all going to play a huge part, said Gallagher. 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. Get reinsurance news by email here. Together, we will build upon our shared focus of outstanding service, expertise and client-centric culture. 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. Hub secures additional private-equity investment, 4. Theres no winners and losers here. Mr . What are industry loss warranties (ILWs)? This site, like many others, uses small files called cookies to ensure that we give you the best experience on our website. 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. Kent pointed to Willis Re's record level of new business in 2020 and that it has hit a similar threshold in 2021, despite the ongoing uncertainty over its future. Consistent with the 1.1 and 1.4 renewals pressure on pricing especially on loss 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.. The deal comprises Willis Towers Watsons treaty reinsurance business. 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. 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. All quotes delayed a minimum of 15 minutes. As chancellor of the New York Court of Chancery (1814-23), he is said to have made . The reinsurance portion of Gallagher now will be incredibly additive to what we are doing as a retailer, Mr. Gallagher 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 . Our Standards: The Thomson Reuters Trust Principles. Willis Re has promoted James Kent to the role of global deputy chief executive. The deal will also enhance Gallaghers insurance brokerage operations, said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher. 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 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? We were a big ILS player before this, not in the security side, but the two marry up very, very nicely, AJG CEO Pat Gallagher told us. Willis Re combines global expertise with on-the-ground presence and local understanding. The 6th Annual Dubai World Insurance Congress (DWIC) continues to reimagine the traditional conference. Wheres the profitability? Its all about how do we take this thing forward as quickly as we can, said Gallagher. 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 . If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website (Cookie Policy). Travelers reports lower profit on higher cat losses; price hikes continue, 5. 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." Secure your place at the event here! Read more about Artemis. Home / Cities / San Francisco 2011-2021 salaries for San Francisco 438,057 employee records found - Page 1 of 8,762 Subscribe to this agency . A Celebration of 25 years of Insurance-Linked Securitisation through 25 Landmark Deals, Insured Natural Catastrophe & Man-Made Disaster Loss Reports, ART, Collateralized & Alternative Reinsurance Topics, Catastrophe Options & Catastrophe Derivatives, Microinsurance & Weather or Catastrophe Index-Insurance, Introduction To Weather Trading, Derivatives, Futures, Weather Risk Management For Utilities & Energy, Weather Derivatives, Weather Risk Pricing & Structuring, Global Property Catastrophe Rate-On-Line Index Guy Carpenter, U.S. Property Catastrophe Rate-On-Line Index Guy Carpenter, Regional Property Catastrophe Rate-On-Line Index Guy Carpenter, the acquisition of Willis Re was announced, Inver Re hires PCS Johansmeyer as Global Head of Index, Best of Artemis, week ending April 30th 2023, ILW funds defensive positioning for 2022 hurricane season paid off: CNR CEO, Heritage secures Citrus Re 2023-1 cat bond at upsized $235m. As our readers will be aware, AJG has completed an enormous amount of acquisitions since its inception in 1927, and while some will have been more challenging than others, Gallagher explained that theres minimal conflict with the Willis Re deal. The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. 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. 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. 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. Gallagher Re will be led by former Willis Re CEO James Kent as global reinsurance CEO. J. Patrick Gallagher. 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. 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. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Mr. Kent. BIs Article search uses Boolean search capabilities. 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. The hope is that these additions will immediately provide exceptional value to insurance carriers and insurance capital providers around the world. November 28, 2016 12:42 ET 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. 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. Now theyve landed, the waiting period is over. The way were looking at this, is really a billion dollar startup, said Kent. Kent joined Willis Re in 2004 as Willis Re Bermuda executive vice president, bringing more than 15 . 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). Reach the largest reinsurance audience. I am incredibly proud to be leading Gallagher Re into its next phase of growth.. Theres no more talk of if, and whos going to come and whos not. Willis Towers Watson Public Limited Company. James Kent. BIs Article search uses Boolean search capabilities. He joined Willis Re in 2009 after spending 21 years at the Carvill Group, where he was joint CEO. And Im very proud of that. As with any business, integration sounds very easy to say but youve got to put it into practice, and human beings are complex. 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.. 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 . Spinnaker targets debut catastrophe bond, $100m Mountain Re Ltd. catastrophe bonds, insurance-linked securities, insurance & reinsurance linked investments, Get our free email newsletters for weekly summaries & reminders of stories you may have missed. 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. 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. Steve Evans Ltd. registered in England No. 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 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. Aon names managing director, public sector partnership, 6. 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. In November, the UK's Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. We are bringing together highly complementary and well-respected reinsurance businesses to create a truly compelling unified reinsurance platform. James J. Kent is a AL-03 under the administrative law judges payscale . To search for a combination of terms, use quotations and the & symbol. Kent and his management team have significant work ahead of them that will make it hard for 2022 to. Now the combination is finalised, Kent stressed that from day one, the focus has to be on taking the best of the culture of both organizations and bringing that and making it an even better culture on a combined basis. Our primary focus is oncatastrophe bonds, insurance-linked securities,alternative reinsurance capital,insurance & reinsurance linked investments. Where are people taking larger retentions, and why? 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. What are insurance-linked securities (or ILS)? Get a ticket soon to ensure you can attend. 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. J. Patrick Gallagher, Jr., Chairman, President and CEO, commented: Id like to officially welcome our new reinsurance brokerage colleagues to the Gallagher family of professionals. Sign up today for your free Reader Account. During his time in Asia, he also spent 18 months in Shanghai, setting up Willis' China operation. This is not like that at all. Willis Re 1st View July 1, 2021 3 Property Commentary by Territory Australia An orderly renewal with no material changes to wordings or conditions. 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.. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. Get reinsurance news by email here. He was appointed to the additional role of Co-President, Willis Re, in August 2015.
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