Reinsurance News
Gallagher Re
Gallagher Re expects more cyber cat bonds in 2024
21st February 2024
Gallagher Re, a reinsurance broker, anticipates a surge in investments in cyber catastrophe bonds in 2024, following the successful launch of PoleStar Re Ltd. (Series 2024-1) in December 2023. PoleStar Re was the first full 144A cyber catastrophe bond for specialty re/insurer Beazley. Gallagher Securities’ served as the sole structuring ... Read the full article
AI’s potential impact on the re/insurance industry: Gallagher Re
15th February 2024
Gallagher Re, a reinsurance broker, highlights AI as a major focus of the InsurTech narrative in 2023, marking a turning point where AI gained serious traction in the re/insurance industry. According to data from Google, there has been exponential growth in AI interest across all industries since early 2023, peaking later ... Read the full article
Gallagher Re makes key leadership changes in EMEA region
6th February 2024
Gallagher Re has appointed Hamish Dowlen as Managing Director of Europe, the Middle East and Africa (EMEA), effective 1 June 2024, while Ditte Deschars will be moving into the Chairperson role for EMEA, in addition to her leadership of the Nordic region. Gallagher explained that for the past five years, Dowlen ... Read the full article
Gallagher Re names Dirk Spenner CEO International as Tony Melia retires
31st January 2024
Reinsurance broker Gallagher Re has announced the appointment of Dirk Spenner as Chief Executive Officer, International, effective 1st June 2024. With over three decades of industry experience, Spenner will take over the role from Tony Melia, who is retiring after a career of over 40 years. Spenner joined Willis Re in 1996 ... Read the full article
Insured nat cat losses hit $123bn in record-setting 2023: Gallagher Re
17th January 2024
The global economic cost of natural catastrophe events reached an estimated $357 billion in 2023, of which approximately 34%, or $123 billion was covered by re/insurance, as broker Gallagher Re reports an annual record of 34 individual billion-dollar insured loss events in the year. The reinsurance broker's 2023 Natural Catastrophe and ... Read the full article
Swiss Re purchases cyber market’s first retrocession ILW, brokered by Gallagher Re
16th January 2024
Global reinsurance firm Swiss Re has purchased the market’s first cyber retrocession industry loss warranty (ILW), securing $50 million of catastrophic US cyber insurance event protection. Cover also includes protection against widespread malicious ransomware or malware, prolonged catastrophic cloud outage and systemic data breach. Nick Meuli, Head of P&C Capacity Management at ... Read the full article
Gallagher Re promotes Busson to Head of L&H EMEA
12th January 2024
Reinsurance broker Gallagher Re has promoted Etienne Busson to the role of Head of Life & Health, EMEA, from his previous position as Deputy Head of the business. Busson has been with Gallagher Re since December 2018 when he joined from reinsurance broker Guy Carpenter, where he spent almost six years ... Read the full article
Gallagher Re adds Virgil Antonio de Souza to LatAm & Caribbean team
11th January 2024
Virgil Antonio de Souza joins the reinsurance broker from Brazil's IRB (Re), and assumes responsibility for leading Gallagher Re's Surety and Credit practice across Latin America and the Caribbean. He is set to join Gallagher Re's Latin America and Caribbean team in early 2024 and will be based in Brazil. Virgil Antonio ... Read the full article
Gallagher Re expands capital markets operations into Europe with new Paris-based entity
10th January 2024
Gallagher Securities, the specialised Insurance-Linked Securities (ILS) and capital markets arm of reinsurance giant Gallagher Re, has secured approvals from the French Prudential Supervision and Resolution Authority (ACPR) and the Financial Markets Authority (AMF) to establish a new European entity - Gallagher Securities Europe SAS. This move marks a significant milestone ... Read the full article
Gallagher Re names Steve Robson as Chief Claims Officer
9th January 2024
Gallagher Re has announced the appointment of Steve Robson as its new Chief Claims Officer. Robson, who previously held the position of Global Head of Claims at Gallagher Re, brings a wealth of experience to his new role. In his former capacity, he was responsible for all complex and referral claims for ... Read the full article
1.1 reinsurance renewal points to strong 2024 earnings: KBW
4th January 2024
KBW Europe's recent discussion on the January 1 reinsurance renewals, led by William Hawkins and Darius Satkauskas, reveals promising insights into the industry's outlook for 2024. Hosted with industry experts David Flandro of Howden Re and James Vickers of Gallagher Re International, the dialogue centered on the findings from their respective ... Read the full article
Gallagher Re hires Hamilton Re’s Sammons as Head of Aerospace UK
3rd January 2024
Reinsurance brokerage Gallagher Re has hired Hamilton Re's Richard Sammons as Head of Aerospace for the UK division. A well-known figure across the specialty reinsurance landscape, Sammons brings 25 years of broking and underwriting experience towards his new role. For the last 10 years, Sammons has served as Head of Specialty at ... Read the full article
US property catastrophe rates rise by as much as 50% at Jan 1 renewals: Gallagher Re
2nd January 2024
At the January 1st, 2024, reinsurance renewals, U.S. property catastrophe rates increased by as much as 50% for loss-hit business, primarily driven by record severe convective storm (SCS) activity, reports Gallagher Re. The reinsurance broker has released its 1st View Report, which discusses an overall more stable and predictable Jan ... Read the full article
Healthy property market drives a “more stable and predictable” renewal: Gallagher Re
2nd January 2024
According to Gallagher Re's 1st View renewal report, the global reinsurance market returned to a "more stable and predictable" renewal at 1/1, driven by a healthier property reinsurance market. This is in sharp contrast to 12 months ago when the market reportedly endured a "stressful and late" renewal due to a ... Read the full article
TWIA advised to commence 2024 reinsurance placement as soon as possible
5th December 2023
The Texas Windstorm Insurance Association (TWIA) has been advised by its reinsurance broker to begin the planning and purchase of its reinsurance as soon as possible, with the state's insurer of last resort potentially needing to buy more than $3 billion in limit for 2024 as exposure growth continues and ... Read the full article