Reinsurance News

Gallagher Re

Gallagher Re promotes Mark Hansen to COO

28th November 2023

Reinsurance brokerage Gallagher Re has promoted Mark Hansen, who has served as Chief Operating Officer (COO) for its North America division since 2021, as its new global COO, taking over from Chris Brook. Hansen has served as COO for Gallagher Re North America since its acquisition of Willis Re. He served at ... Read the full article

US regional property cat coverage remains healthy ahead of Jan 1: Gallagher Re

17th November 2023

Following a costly 2023 severe convective storm season, Gallagher Re's Josh Knapp, Executive Vice President, Broking, National, has noted that reinsurers are proving less willing to provide aggregate covers for regional property cat risk, though their overall appetite "remains healthy." Knapp's comments come following a poll in which Gallagher Re surveyed ... Read the full article

$100bn of insured catastrophe losses now reached in 2023: Gallagher Re

8th November 2023

The $100 billion insured loss threshold from natural catastrophes in 2023 has now been breached, marking the sixth year since 2017 that this has occurred, according to Gallagher Re’s Chief Science Officer, Steve Bowen. Bowen noted that Gallagher Re continues to "believe that $100 billion insured loss years is becoming the ... Read the full article

Gallagher Re and ICMR announce exclusive partnership to enhance reinsurance services

2nd November 2023

Gallagher Re, a prominent global reinsurance broker, and ICMR, a specialist in quantitative analysis, have officially announced the establishment of an exclusive partnership. This partnership combines Gallagher Re's extensive knowledge in reinsurance broking with ICMR's innovative quantitative analysis solutions, aimed at equipping clients with state-of-the-art resources and insights to enhance their ... Read the full article

Global InsurTech investment surpasses $1 billion in Q3: Gallagher Re

2nd November 2023

According to Gallagher Re's latest Global InsurTech Report, new funding for the global InsurTech sector hit $1.1 billion in Q3 of 2023. As per the reinsurance broker's report, this was mainly driven by a 25.5% quarter-on-quarter surge in P&C InsurTech investment. Gallagher noted that this rise occurred even as average deal size ... Read the full article

Hurricane Otis to cause multi-billion-dollar insured losses: Gallagher Re

30th October 2023

Gallagher Re has released a report noting that hurricane Otis insured losses will reach into the billions of dollars (USD) and will become one of the most expensive events (if not the highest) on record for the Mexican insurance market. As per Gallagher Re's report, Hurricane Otis rapidly intensified on October ... Read the full article

Nat Cat annual insured losses to exceed $100bn in 2023: Gallagher Re

18th October 2023

Annual insured losses from natural catastrophes are on track to surpass $100 billion in 2023, becoming the sixth year since 2017 to exceed this figure, according to Gallagher Re’s Q3 Natural Catastrophe Report. Record-setting weather/climate events and extreme temperatures have elevated natural catastrophe losses for the globe this year. Total economic ... Read the full article

Sovereign risk pools summit results in joint MOU focused on disaster resilience

17th October 2023

Parametric disaster insurance risk pools African Risk Capacity Limited (ARC), Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC), the Pacific Catastrophe Risk Insurance Company (PCRIC), and the Southeast Asia Disaster Risk Insurance Facility (SEADRIF), have signed a Memorandum of understanding (MOU). At the same time, the businesses will also explore a joint ... Read the full article

Insurance industry faces growing concerns over cyber cat risk: Gallagher Re

10th October 2023

Gallagher Re's report underscores the rising concern among business and insurance sector leaders regarding the potential for a large-scale systemic cyber attack, commonly known as a "cyber catastrophe" risk, due to the complex challenges and uncertainties it presents. The report underscores that while the cyber insurance market is rapidly evolving, it ... Read the full article

Gallagher Re appoints leader for newly created Global Credit & Political Risk team

9th October 2023

Global reinsurance broker Gallagher Re has appointed Jonathan Allard as Managing Director and Head of its newly created Global Credit & Political Risk team, based in London. According to the broker, Allard will bring together the experienced, specialist London market and international teams and be responsible for leading and developing the ... Read the full article

US SCS insured losses exceed $50bn for the first time: Gallagher Re’s Bowen

29th September 2023

According to reinsurance broker Gallagher Re’s Chief Science Officer, Steve Bowen, 2023 has officially crossed the $50 billion insured loss threshold for US severe convective storm (SCS) activity for the first time on record, based on either a nominal or adjusted basis. Bowen warns that losses from SCS activity will keep ... Read the full article

Gallagher Re hires Guy Carpenter’s Linda Purnama to lead Indonesia

28th September 2023

Gallagher Re has appointed Linda Purnama to lead its reinsurance proposition in Indonesia, this move is aimed to strengthen client relationships in the country and signifies another milestone for the reinsurer. A well-known figure in the Asia-Pacific, Purnama brings to her new role over two decades of experience leading ... Read the full article

Surge in climate litigation urges insurers to reassess risk portfolios: Gallagher Re

27th September 2023

In a rapidly changing landscape of environmental concerns and legal action, a new report by Gallagher Re sheds light on the escalating wave of climate litigation and its profound implications for the (re)insurance industry. This report highlights key trends and challenges associated with climate change litigation, emphasising the need for insurers ... Read the full article

Gallagher Re issues warning on looming “Gray Rhino” threat to European life insurance industry

21st September 2023

As interest rates steadily rise, life insurers have become acutely aware of the potential capital losses that may ensue from escalating policyholder lapse, Gallagher Re, a leading global reinsurance broker, unveiled in its first installment of research papers titled "Gray Rhino." These papers aim to shed light on looming challenges within ... Read the full article

Attention has switched to the client ahead of Jan renewals: Spenner, Gallagher Re

14th September 2023

After a challenging renewal at the start of this year, the attention has swung back to the client ahead of 1.1, although reinsurers will maintain underwriting discipline and safeguard more favourable terms and conditions, according to Dirk Spenner, Managing Director EMEA, Gallagher Re. Reinsurance News met with Spenner at the annual ... Read the full article