Reinsurance News
Gallagher Re
Reinsurers’ underlying combined ratio sub-100 for first time since 2014: Gallagher Re
7th April 2022
According to global reinsurance broker Gallagher Re, reinsurers’ weighted average reported combined ratio was 97.6% in 2021, a sharp improvement from the COVID-19-impacted 104.1% for the year prior. On an underlying basis, so excluding prior year development and normalising for natural catastrophe losses, reinsurers' combined ratio improved from 100.7% to 99.8% ... Read the full article
Calm April renewals dominated by an orderly Japanese market: Vickers, Gallagher Re
1st April 2022
Both buyers and sellers of protection managed expectations well at the April 1st, 2022, reinsurance renewals, driven by its heavy focus on the disciplined Japanese market, resulting in a calm 1/4, according to James Vickers, Chairman International, Reinsurance at Gallagher Re. We spoke with Vickers around the launch of reinsurance broker ... Read the full article
Inflation a hot topic at “balanced” April reinsurance renewals: Gallagher Re
1st April 2022
During an "undramatic" and "balanced" April 1st, 2022, reinsurance renewals season, there was widespread discussion about inflation as reinsurers were keen to understand its impact on cedants' portfolios, reports Gallagher Re. The reinsurance broker's latest April 1st View report was released this morning, revealing modest reinsurance rate increases characterised by an ... Read the full article
Pricing must remain favourable to outstrip inflation: Gallagher Re
29th March 2022
Analysts at reinsurance broker Gallagher Re have contended that pricing and terms need to remain favourable in order for re/insurers to maintain or grow margins in 2022 and 2023. Reflecting on recent conference calls, the broker noted that inflation remains one of the most widely discussed themes among senior executives. Last year, ... Read the full article
Gallagher Re partners with BitSight to deliver cyber-modelling insights
28th February 2022
Global reinsurance broker Gallagher Re and BitSight have collaborated to integrate BitSight cybersecurity data with Gallagher Re’s reinsurance insights and analytics. The partnership will provide reinsurance clients with a holistic view of security performance and supply chain aggregation within their portfolios, giving them a comprehensive and differentiated understanding of cyber risk ... Read the full article
Gallagher Re reshuffles Australia team with senior appointments
25th February 2022
Global reinsurance broker Gallagher Re has made changes within its Australia operations with a raft of new hires led by the appointment of a new Chief Executive Officer (CEO). Heather Bone has been appointed as CEO from March, where she will lead the company’s operations in the country, working closely with ... Read the full article
Gallagher Re names new executive vice president in North America
24th February 2022
Gallagher Re has hired Megan McConnell to be its new executive vice president in North America. McConnell will begin her new role in Boulder, Colorado at the beginning of March. She will be joining from Hiscox, where she was CUO. Jim Bradshaw, CEO of North America, Gallagher Re, said: “We are ... Read the full article
Cyber reinsurance premium to exceed property cat in decade beyond 2030: Gallagher Re
22nd February 2022
Analysis by global reinsurance broker, Gallagher Re, finds that by 2040 the cyber market will become comparable in size to either property or casualty as the segment experiences a second wave of growth from 2023. Gallagher Re's cyber reinsurance team has published a new white paper, CY-FI: the Future of Cyber ... Read the full article
Gallagher Re opens new Montreal branch
17th February 2022
Global reinsurance broker Gallagher Re has opened a new branch in Montreal, Quebec, which will be led by recently appointed Executive Vice President, Isabelle LaPalme. LePalme brings over 25 years of experience within the Canadian insurance industry, holding positions within consulting, pricing and reserve actuary. She is well known within the Quebec ... Read the full article
Gallagher Re reveals major catastrophe losses topped $116bn in 2021
3rd February 2022
Gallagher Re has revealed that insured losses from major catastrophes in 2021 have so far reached $116bn, which the broker said was the third largest in ten years. The figure was also reported by the reinsurance broker to be 63% higher than the average annual loss since 2011. Like the peak ... Read the full article
Gallagher Re appoints Alex Ntelekos as a Regional EMEA Director
25th January 2022
Global reinsurance broker Gallagher Re has named Alex Ntelekos as a Regional Director in Europe, the Middle East and Africa (EMEA), based in London. Effective immediately, Ntelekos takes on responsibility for supporting the growth of the broker's public-private initiatives across the EMEA region and will provide regulatory, capital management, and climate ... Read the full article
Hiscox’s Liz Kim joins Gallagher Re’s cyber reinsurance team
19th January 2022
Reinsurance broker Gallagher Re has appointed Hiscox's Liz Kim to its 40-plus strong cyber reinsurance team, based in San Francisco. The hire sees Gallagher Re continue its strategic investment in industry talent and specialist expertise to meet the evolving needs of clients and growing exposures. In her new role, Kim will further ... Read the full article
Cyber market still hardening as underwriting view shifts: analysts
18th January 2022
Analysts at some of the top re/insurance brokers have noted that the cyber reinsurance market is continuing to see hardening rates following another challenging year for losses in this sector. Gallagher Re classified the primary cyber markets as “truly hard” at recent renewals, but said there is still room for reinsurance ... Read the full article
Gallagher Re adds Andrew Geldart to Australia & NZ team
11th January 2022
Global reinsurance broker Gallagher Re has announced the addition of Andrew Geldart to its Australia and New Zealand team as Executive Director Broking. Based in Sydney, Geldart joins the business with effect from December 2021. He arrives from Vero Insurance, where he has spent the previous 16 years, most recently as Senior ... Read the full article
Gallagher Re reports constrained capacity in global non-marine retro
10th January 2022
Global reinsurance broker Gallagher Re has reported constrained capacity in global non-marine retrocession as traditional reinsurers have restricted their requirements for capital deployment, with the ILS market showing significant outflows and limited inflows. The broker noted that aggregate capacity was in shorter supply than in previous years, with providers wary of ... Read the full article