Reinsurance News

Gallagher Re

Gallagher Re names new CEO for China & Hong Kong, and Head of Beijing

31st May 2023

Reinsurance broker Gallagher Re has made senior appointments in China, with a new CEO for the Mainland China and Hong Kong business, as it hired Jia Lou from rival Guy Carpenter to take on the role. Jia Lou is a well-known figure in the China insurance and reinsurance marketplace, and has ... Read the full article

Gallagher Re names Ian Kerton as new CEO for UK region

15th May 2023

Global reinsurance broker Gallagher Re has appointed Ian Kerton as CEO of its UK operations, replacing Tom Wakefield, who is to succeed James Kent as global CEO of Gallagher Re. Throughout his three-decade-long career, Kerton has held multiple roles within the reinsurance industry, including Executive Director at HSBC Insurance Brokers, ... Read the full article

Gallagher Re confirms departure of CEO James Kent

12th May 2023

James Kent, Chief Executive Officer (CEO) of global reinsurance broker Gallagher Re, is retiring from the company on June 1st, so will not be taking up his new role within Gallagher. Back in March, the firm announced that Tom Wakefield would take over as CEO, with Kent set to transition ... Read the full article

Global InsurTech funding rises by 37.6% in Q1 2023: Gallagher Re

4th May 2023

InsurTech funding has bounced back strongly in the first quarter of 2023, with global investments reaching $1.39 billion, according to the latest Global InsurTech Report from Gallagher Re. This marks a 37.6% increase from the previous quarter's lowest total since Q1 2020. While the deal count remained steady, the average deal ... Read the full article

Global nat cat economic losses reach $77bn in Q1 2023: Gallagher Re

19th April 2023

Global natural catastrophe economic losses reached an estimated $77bn in the first quarter of 2023, with public and private insurance entities covering at least an estimated $22bn of that total, resulting in a 72% or $55bn protection gap, Gallagher Re reported. According to the broker’s Q1 2023 Natural Catastrophe report, these ... Read the full article

TWIA needs $1.043bn of fresh reinsurance for 2023 as Board rejects ILW option

19th April 2023

The Texas Windstorm Insurance Association (TWIA) needs to procure $1.043 billion of new traditional reinsurance limit at the mid-year renewals to take its 2023 tower to the 1-in-100 level of $4.508 billion, with the Board recently declining an industry-loss warranty (ILW) option for the top of its tower. Previously, TWIA's Board ... Read the full article

Capacity for space insurers change ‘little’ in 2023: Gallagher

17th April 2023

In the latest edition of Plane Talking, re/insurance broker Gallagher noted capacity changed "little" from 2022 for space insurers and market position has been "as before" for the majority. In its Q4'22 edition of Plane Talking, Gallagher noted that market feedback on capacity and reinsurance renewals was suggesting continued strong support for ... Read the full article

Hard market for aviation reinsurance to continue: Gallagher Re

14th April 2023

As aviation reinsurance continues to recover from large losses caused by a number of challenges in the last few years, the medium-term outlook suggests that the market will remain hard for some time to come, according to a recent Gallagher Re report. The market has gone through a turbulent few years, ... Read the full article

Resolute Global partners with Gallagher Re and KCC on innovative cat reinsurance contract

14th April 2023

Resolute Global Partners, an investment advisor specialising in re/insurance, has launched a brand new type of reinsurance contract created in collaboration with global reinsurance broker Gallagher Re and catastrophe modelling firm Karen Clark & Company (KCC). This innovative reinsurance contract named Footprint focuses on natural catastrophe risk in the United States, ... Read the full article

Floridian insurers see underwriting weaken in 2022: Gallagher Re

13th April 2023

According to reinsurance broker Gallagher Re’s 2022 year-end Florida Market Watch Report, the combined ratio of the industry weakened by over 17% year-over-year to 136.1% compared with 116.3% in 2021. At the same time, net loss & LAE ratios at an industry level rose by 26.3% to 108.9% at 2022 year-end, as ... Read the full article

African Risk Capacity selects Gallagher Re as reinsurance broker

13th April 2023

Global broking and advisory firm Gallagher Re has been selected as the reinsurance broker and risk advisor for African Risk Capacity Limited (ARC), the specialist insurance company which provides parametric insurance cover to African countries against climate and disaster events. The appointment includes the placement of portfolio cover in the reinsurance ... Read the full article

ILS issuance picks up due to capital constraints in traditional markets: Gallagher Re

13th April 2023

Insurance-linked securities (ILS) issuance is picking up due to capital constraints in the traditional market, although at higher pricing than traditional indemnity pricing, Gallagher Re reports. The broker’s 1st View report notes that the initial months of the year were marked by low activity in the primary ILS market, with a ... Read the full article

Better alignment for Japanese business at 1/4 reinsurance renewals: Gallagher Re

12th April 2023

The April 1 reinsurance renewals saw a better alignment of client and reinsurer expectations in Japan in the casualty market, according to Gallagher Re's 1st View report. For Japanese buyers, both client and reinsurers expectations were better aligned than at January 1, which led to a more orderly renewal process, the ... Read the full article

Japan property cat rates rise in “more orderly” April 1 renewals: Gallagher Re

6th April 2023

Early signs of capacity shortages did not materialise for Japanese insurers as the overall supply-demand balance for reinsurance remained “delicately poised” at the April 1 property catastrophe renewals, according to Gallagher Re’s 1st View report. However, even though there was enough capacity available to meet client needs, since the largest capacity ... Read the full article

Combined ratios improve for most reinsurers in 2022: Gallagher Re

5th April 2023

A sub-100% combined ratio was reported by 80% of reinsurers tracked by Gallagher Re in 2022, with most firms improving versus the prior year due to lower nat cat losses and expense ratios, suggests the reinsurance broker's latest market report. Premium growth in 2022 remained solid at 12.3%, though down somewhat ... Read the full article