Reinsurance News
Gallagher Re
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
Reinsurance sector well positioned to absorb high nat cat hit in H2: Gallagher Re’s Shea
6th September 2023
As the reinsurance sector's H1 underlying return on equity (ROE) surpassed the cost of capital for the second year running, Brian Shea, Global Head of Strategic & Financial Advisory, Gallagher Re, suggested the current strong financial position makes the industry more equipped to cope if H2 turns out to be ... Read the full article
Reinsurance capital rises, underlying ROE ‘well above’ cost of capital: Gallagher Re
6th September 2023
Global reinsurance capital rose 13% from the end of 2022 to $709 billion at half year 2023, as reinsurers benefited from improving underwriting results and a strong investment performance, according to reinsurance broker Gallagher Re. Industry capital levels are almost back to their 2021 peak of $725 billion, and have again ... Read the full article
Initial estimates point to Hurricane Idalia insured loss of below $10 billion
31st August 2023
Initial estimates for insurance industry losses from Hurricane Idalia, which made landfall in Florida on Wednesday as a major Category 3 storm, are lower than previously feared and point to insured losses of less than $10 billion. So far, there's been a range of early estimates for insured losses from Hurricane ... Read the full article
Hurricane Idalia makes landfall as a Cat 3 with 125mph sustained winds
30th August 2023
Hurricane Idalia has now made landfall on the big bend section of the Florida coast as a major Category 3 hurricane, and continues to move towards the north-northeast at a speed near 18mph, according to the latest update from the NHC. The NHC reports that hurricane-force winds extend outward up to ... Read the full article
Gallagher Re appoints Andres Posada as EVP, Head of Sales, LatAm & Caribbean
17th August 2023
Global reinsurance broker Gallagher Re has announced the appointment of Andres Posada as Executive Vice President (EVP), Head of Sales for its Latin America and Caribbean region. The position is based in Miami, with Posada reporting to Edson Wiggers, CEO of Latin America and the Caribbean. He will join the broker ... Read the full article
US SCS insured losses near $40bn with hail as main driver: Gallagher Re’s Bowen
11th August 2023
Hail damage is predominantly driving the loss trend for severe convective storms (SCS) in the United States, with the peril driving 50 to 80% loss claims any given year, Gallagher Re’s Steve Bowen has said. The Chief Science Officer of reinsurance broker Gallagher Re, explained in a LinkedIn post that 2023 ... Read the full article
InsurTech sector sees shift in investment focus as (re)insurers lead Q2 funding: Gallagher Re
3rd August 2023
The global InsurTech sector witnessed a substantial decline in new funding during the second quarter of 2023, amounting to $916.71 million, marking a 34.0% drop from the impressive $1.39 billion recorded in the preceding quarter, according to the latest findings unveiled by reinsurer Gallagher Re. This dip has pushed the quarterly ... Read the full article
Gallagher Re hires Hannover Re’s Eduardo Molinari as Chairman of Iberia
21st July 2023
Eduardo Molinari has left large European reinsurer Hannover Re after almost 25 years to take up a new role at reinsurance broker Gallagher Re, as Chairman of Iberia, effective September 1st, 2023. Based in Madrid, Gallagher Re's Iberian hub, Molinari will assist with the team's expansion across the region as the ... Read the full article
Above-average insured losses driven by SCS in H1 2023: Gallagher Re
18th July 2023
In the first six months of 2023, global insured losses from natural catastrophes reached $52 billion, exceeding the decadal average by 18% and the 21st Century average by 39%, according to global reinsurance broker Gallagher Re's . The dominant factor behind these losses was ... Read the full article
‘Bullseye effect’ amplifies storm impact in urban and suburban areas: Gallagher Re’s McConnell
18th July 2023
Increasing urban and suburban sprawl has resulted in a "bullseye effect," causing storms to impact a higher number of properties within a concentrated area, resulting in greater property damage and losses, Megan McConnell, Executive Vice President of Gallagher Re, told Reinsurance News in an interview. Reinsurance broker Gallagher Re points to ... Read the full article
Increased pressure from reinsurers to place cyber separately at renewals: Gallagher Re
6th July 2023
According to Gallagher Re's 1st View report, cyber insurance carriers continued to explore standalone cyber placements at the mid-year renewals in response to increasing pressure from reinsurers. Gallagher's report also noted that incumbent reinsurance markets continued to grow following improved rate and portfolio optimisation across cyber insurance risk, building on the ... Read the full article
Aviation reinsurance market faces challenges and uncertainty: Gallagher Re
5th July 2023
The aviation reinsurance market continues to grapple with challenges and uncertainty, according to global reinsurance broker Gallagher Re's latest report on the aviation insurance market. While there are some signs of improvement in aviation retro capacity levels, the overall landscape "remains fragile". Pricing in the aviation reinsurance market has been hardening as ... Read the full article
Stability prevails in intl. liability and professional lines renewals: Gallagher Re
5th July 2023
In the realm of international liability and professional lines, the recent renewals unfolded with relative calm, indicating stability in the market, according to Gallagher Re's 1st View renewals report on International Casualty. The majority of renewals were concentrated in Australia and New Zealand, with only a few in Europe. This commentary ... Read the full article