Reinsurance News
Gallagher
Gallagher is an insurance and reinsurance broking group, as well as having advisory and consulting capabilities. The reinsurance broking arm is named Gallagher Re.
Read all our Gallagher insurance or reinsurance news and analysis below.
UK councils suffering up to 11m cyber attacks a year: Gallagher
1st September 2022
New research from Gallagher suggests that UK councils are suffering a collective 10,000 cyber-attacks each day. The research, originating from a FOIA request from the firm, found that 2.3m attacks had been reported by 161 local authorities. However, Gallagher maintains that the actual number is much higher. It said that scaling ... Read the full article
D&O liability insurance market premiums see significant reductions: Gallagher
31st August 2022
In the first half of 2022, the Directors’ & Officers’ (D&O) liability insurance market has seen significant reductions in premium across the board and limits increasing for Gallagher clients, according to a report by the insurance brokerage firm. In the report Gallagher’s analysts highlighted that despite signs of price stabilisation, a ... Read the full article
Gallagher acquires risk management consultancy, AnotherDay
9th August 2022
Global insurance and reinsurance brokerage Gallagher has acquired specialist crisis and risk management consultancy, AnotherDay. Founded in 2016, AnotherDay is a UK-based risk management consultancy, helping organisations pre-empt and prepare for complex threats, react to crises and investigate criminality through the use of intelligence and technology. The firm employs around 20 risk, ... Read the full article
Insurtech investments up to $2.4 billion in Q2 2022, says Gallagher Re
4th August 2022
Investment in the insurtech space in the second-quarter of 2022 increased by 8.3% from the opening quarter of the year to $2.41 billion, as a rise in the average deal size masked a decline in the overall number of deals, according to reinsurance broker Gallagher Re's latest Global Insurtech Report. Despite ... Read the full article
Gallagher appoints Huw Turner as partner in renewable energy team
3rd August 2022
Re/insurance broker Gallagher has named Huw Turner Partner, Renewable Energy as the firm expands the renewables team to meet increased client demand. Turner will be reporting to executive partner Gavin Tidman, and will work closely with Gallagher’s head of renewables, Duncan Gordon. Bringing 25 years of energy sector experience, he joins Gallagher ... Read the full article
Gallagher reports 35% growth in net earnings in Q2
29th July 2022
Reinsurance broker Gallagher has reported 35% growth in net earnings across the company during Q2 2022, ending the period with $53 million of annualised revenue. Patrick Gallagher, Jr., Chairman, President and CEO, said: "We had an excellent second quarter! Our core brokerage and risk management segments combined to post 22% ... Read the full article
Ukraine war aviation losses could be 7x more than WTC loss: Gallagher
8th July 2022
Analysts at global re/insurance broker Gallagher has reported that the ongoing Russia-Ukraine conflict could lead up to losses that are seven times than the final loss amount for the World Trade Center (WTC) attacks in 2001, and four times the initial WTC reserve. In the Q2 edition of its Plane Talking ... Read the full article
Bergvall Marine and Parisco to be rebranded as Gallagher
8th July 2022
Gallagher’s specialist Norwegian marine and energy brokers, Bergvall Marine and Parisco, will be rebranded as Gallagher from July 11th onwards. The companies, based in Oslo, were acquired by Gallagher in 2013 and 2021, respectively. Bergvall Marine offer insurance and risk management services to clients including ship-owners, managers, ... Read the full article
Marsh McLennan extends lead as top global broker based on 2021 revenues
6th July 2022
Marsh McLennan remains the world's largest re/insurance broker, in terms of total revenues, which reached a huge $19.8 billion for the firm in 2021, according to our directory of the Top 20 Global Insurance & Reinsurance Brokers, based on research data from A.M. Best. Year-on-year, Marsh McLennan's ... Read the full article
Sellers market persists as attachment levels & costs rise at July renewals: Gallagher Re
1st July 2022
Almost all buyers of protection were able to secure their reinsurance coverage at a July 1st, 2022, renewals shaped by economic factors which helped to sustain market hardening, according to Gallagher Re's 1st View report. After a late and tough June 1st reinsurance renewals, all eyes turned to the later mid-year ... Read the full article
Cyber insurance prices set to increase for energy companies
29th June 2022
Energy and utility companies have become the main target for cyber attacks, according to a recent report by re/insurance broker Gallagher. Given the growing threat of such attacks, demand for cyber insurance from these companies has skyrocketed in recent months, the broker noted. According to the report, in response to a surge ... Read the full article
Gallagher acquires Erimus
29th June 2022
Global insurance and reinsurance brokerage Gallagher has acquired broker firm Erimus. The firm has said it bought the privately-owned firm, which is based in the north east of England and deals with around 2,500 clients. Michael Rea, CEO of Gallagher’s Retail Division, UK & Ireland, said: “We are delighted to welcome Paul, ... Read the full article
Gallagher acquires INNOVU Insurance
27th June 2022
Gallagher has acquired INNOVU Insurance for an undisclosed amount. According to the firm, it has picked up the Irish firm, which places around $65m of GWP from its clients. INNOVU Insurance’s commercial lines business is spread across a diverse range of industry sectors and products including commercial combined, commercial motor, combined liability, ... Read the full article
Upstream energy market rates remain stable – Gallagher
27th June 2022
Upstream energy market rates have remained stable, according to a new report by Gallagher. Despite rate rises, buyers can expect different treatment depending on the type and scale of coverage required. Offshore portfolio pricing for large national and international oil companies is either flat or experiencing modest increases, but ... Read the full article
Gallagher appoints Mike Parry as partner in its renewable energy team
10th June 2022
Gallagher has appointed Mike Parry as a partner in its renewable energy team to focus on offshore wind risks. In his new role, Parry will be responsible for delivering risk transfer solutions for clients as the offshore wind sector evolves, both in terms of new technology deployment and risk financing maturity ... Read the full article
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