2,200 new colleagues and virtually everybody said yes, lets give this a go, said Gallagher. This will limit your search to that combination of words. Add to that the long-established global footprint and success of the Willis Re business, and its a really exciting combination. ABOUT WILLIS REOne of the world's leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. I am confident the combination will deliver tremendous value to our clients, our global brokerage and risk management teams, and our shareholders.. Website Privacy & Cookies and Disclaimer. I couldnt be more excited, he continued. Kent stressed that the company had been "humbled" by clients' response in a turbulent market. We will undertake an integration process now that the companies are together, Mr. Kent said in an interview. Learn more at willistowerswatson.com. This field is for validation purposes and should be left unchanged. This field is for validation purposes and should be left unchanged. Alexis Faber is the Chief Operating Officer at WTW. Both Kent and Gallagher foresee numerous opportunities for the now much bigger Gallagher Re, including the mix of talent between the two organisations and also the way the businesses complement each other. Between 2012 and 2015, he served as the regional CEO of Willis Asia, based in Singapore, leading Willis' strategy in high-growth markets in the region. The 6th Annual Dubai World Insurance Congress (DWIC) continues to reimagine the traditional conference. If you are not familiar with these principles, here are some quick tips. So, whats good about this is that the integration conversations arent about who wins and who loses, when sometimes thats the way integrations have to go. Reach the largest reinsurance audience. Kent explained that while theres been a ton of integration work on the operational side to bring these two entities together, the reinsurance business integration starts now. James Kent, Global CEO, Willis Re July 1, 2021 . In November, the UK's Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. Gallagher says that the acquisition brings specialist expertise, underpinned by a portfolio of analytics capabilities including catastrophe modeling, dynamic financial analysis, rating agency analysis and capital modeling. Mr. Kent. If you are not familiar with these principles, here are some quick tips. Following a successful tenure leading Willis Re's Bermuda office, in 2010, Kent was appointed President of Willis Re North America, moving to New York to work alongside Willis Re North America . "Thankfully strong capital growth in 2019 allied to judicious investment strategies by many companies has put the industry in a good position to weather the current volatile environment," he said. WTW hires from Aon for corporate risk and broking role, 3. What is life insurance securitization or life ILS? Mr . Kent said: Willis Re is a fantastic business and I very much look forward to working more closely with Paddy, John and the rest of the Willis Re leadership team in a global capacity to take this business forward. I would like to thank John for his tremendous contribution to Willis Towers Watson, Carl Hess, the brokerages head of investment, risk and reinsurance, said in a statement. Willis had been due to sell Willis Re to Gallagher as. He is a well-respected leader within this business and has played a significant role in shaping Willis Re over the past decade, particularly in driving the growth of our Bermuda and North America operations.. I think when we look back on this in years to come well say that it was one of the greatest things that the organization ever did, both for our clients and for our people. BIs Article search uses Boolean search capabilities. Additional notes: Kent joined Willis Re in 2004 as Executive Vice President, Willis Re Bermuda, bringing more than 15 years experience producing and placing Property and Casualty treaty business across both London and Bermuda. Willis Re has promoted James Kent to the role of global deputy chief executive. Gallagher Re will be led by James Kent as Global Reinsurance Chief Executive Officer (CEO), reporting to Tom Gallagher, who is Gallaghers CEO of Global Property & Casualty Brokerage. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website (Cookie Policy). Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. As chancellor of the New York Court of Chancery (1814-23), he is said to have made . And if thats right, then the investors are going to do extremely well. Steve Evans Ltd. registered in England No. The deal . As our readers will be aware, AJG has completed an enormous amount of acquisitions since its inception in 1927, and while some will have been more challenging than others, Gallagher explained that theres minimal conflict with the Willis Re deal. Stay updated by joining our mailing list! Willis Towers Watson Public Limited Company. It feels that here we are at day one, at a billion dollar startup with tremendous market goodwill, tremendous loyalty by both clients and our colleagues, and the opportunity to build on all of those good things.. Kent will retain his role as Willis Re North America president and will continue to work in New York alongside Jim Bradshaw. For the final seasons, he earned $400,000 per episode. He is a well-respected leader within this business and has played a significant role in shaping Willis Re over the past decade, particularly in driving the growth of our Bermuda and North America operations. Its all about how do we take this thing forward as quickly as we can, said Gallagher. Of course, it still isn't going to be plain sailing for new Gallagher Re CEO James Kent. Hub secures additional private-equity investment, 4. Together with Gallaghers existing reinsurance business, the combined operation will trade as Gallagher Re from over 70 offices across 31 countries and incorporate around 2,400 colleagues. Steve Evans Ltd. registered in England No. For example, hurricane & loss. What are insurance-linked securities (or ILS)? We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Held in Singapore, July 13th, 2023. While it remains smaller than rivals Aon and Guy Carpenter & Co. LLC, a unit of Marsh & McLennan Cos. Inc., the three largest reinsurance brokers dwarf other reinsurance intermediaries in the market. Insurance Insider is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, Aon banked significant new treaty wins at 1.1 renewal, BP Marsh acquires 35% stake in Verve Risk Services, Q1 losses to drive Munich Re P&C Re CoR above consensus, AI, ChatGPT and the metaverse will accelerate future cyberattacks: Munich Re, Aon posts 7% Q1 organic growth as reinsurance accelerates, MGA Frontier to launch broker subsidiary with Michalowski-Cummings at the helm, Mapfre Q1 net profit down 17.4% at EUR127.6mn, Discover things you shouldn't even know yet. Following a successful tenure leading Willis Res Bermuda office, in 2010, Kent was appointed President of Willis Re North America, moving to New York to work alongside Willis Re North America CEO, Jim Bradshaw, and Willis Re North America Chairman, Paddy Jago. Gallagher Re feels like a billion dollar startup with a tremendous opportunity: James Kent & Pat Gallagher 1st December 2021 - Author: Luke Gallin With Arthur J. Gallagher's (AJG) acquisition of Willis Re's treaty reinsurance operations now complete, resulting in a much larger Gallagher Re, senior executives told Reinsurance News that it . He was appointed to the additional role of Co-President, Willis Re, in August 2015. But the point about the Willis Re team, it will be firmly embedded within the combined reinsurance businesses and I think theres a real opportunity for us to accelerate sales. Get a ticket soon to ensure you can attend. Together, we unlock potential. See here for a complete list of exchanges and delays. Consistent with the 1.1 and 1.4 renewals pressure on pricing especially on loss In November, the UKs Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. Highest-paid insurance executives 2023, 2. James Kent, global CEO of Willis Re, said the market "landscape has not seen much change" since January 1 and consequently the important April 1 renewals "saw more of the same between . Willis Re's analysis provides clear evidence of the strength and resilience of reinsurance market capacity. Prior to this, he held regional CEO roles in Continental Europe and Australasia. Where are people taking larger retentions, and why? James Kent, (born July 31, 1763, Fredericksburgh, Putnam County, N.Y.died Dec. 12, 1847, New York City), jurist whose decisions and written commentaries shaped the inchoate common law in the formative years of the United States and also influenced jurisprudence in England and other common-law countries. Travelers reports lower profit on higher cat losses; price hikes continue, 5. J. Patrick Gallagher. Since then, Kent's salary has increased to $183,300 in 2021. ESG investment in insurance-linked securities (ILS), Monte Carlo Reinsurance Rendezvous Archives, Mortgage insurance-linked notes transactions, UCITS Catastrophe Bond Funds assets under management, Pension funds investing in insurance-linked securities (ILS), Indenture Trustee, Paying Agent & Escrow Agent Services, Weather Risk Management, Insurance & Trading, Artemis Live Video interviews & content, List of Reinsurer Capital Markets Activities, Cat Bond, ILS, Reinsurance Reading For Beginners. What is collateralized (or collateralised) reinsurance? The industry has endured several years of below-par performance, capped by the calamitous . Sign up today for your free Reader Account. Willis Re combines global expertise with on-the-ground presence and local understanding. Willis Re global chief executive James Cavanagh described Kent as absolutely the right person to help further Willis Res global development. In 2021, James J. Kent was an Administrative Law Judge at the Social Security Administration in Lansing, Michigan. I do see tuck-in acquisition opportunities, and were always interested in creative people joining the firm, he said. Reach the largest reinsurance audience. James Kent. Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence. (Reporting by Gayathree Ganesan in Bengaluru). said Friday that it has named Joe Peiser to succeed Matt Keeping as head of broking, North America, part of its corporate risk and broking segment. Tom Wakefield, a former Aon executive who was named CEO of Gallagher Re in June, will head Gallagher Res U.K. business and report to Mr. Kent and Simon Matson, CEO of Europe, the Middle East and Africa for Gallagher, Mr. Kent said. Hub secures additional private-equity investment, 4. Arthur J. Gallagher & Co. on Wednesday completed its acquisition of Willis Re with a $3.25 billion payment that could rise to $4 billion depending on future revenue. Looking further ahead, he highlighted four themes that will underpin the integration process that Gallagher Re goes through. The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. In the past seven years, Gallagher Re has established itself as the fifth largest reinsurance broker in the world. Willis Re, Willis Towers Watson P.L.C.s reinsurance business, said Thursday that James Kent will succeed global CEO John Cavanagh when he retires at the end of the December. I see the management teams, certainly in the interactions that Ive had, as incredibly mature and focused on two things: our clients and our colleagues. Or, email[emailprotected]with any questions, suggestions or advertising enquiries. Its not just reinsurance. The combined company has more than 70 offices across 31 countries and about 2,400 staff, a Gallagher statement said. LONDON, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Willis Re, the reinsurance business of leading global advisory, broking and solutions company Willis Towers Watson (NASDAQ:WLTW), today announced the promotion of James Kent Co-President of Willis Re and President of Willis Re North America to the position of Global Deputy CEO, Willis Re, with immediate effect. Kent pointed to Willis Re's record level of new business in 2020 and that it has hit a similar threshold in 2021, despite the ongoing uncertainty over its future. James Kent, Global CEO, Willis Re, said: "Reinsurance providers will be heartened by these results. So, if we get those four things right, I feel that will underpin a business for the foreseeable future that will be very, very effective, said Kent. Search California public, government employee, workers salaries, pensions and compensation Stay updated by joining our mailing list! Weve got a group that has come together on both sides. Prior to the Willis Re acquisition, Gallagher Re was the worlds fifth-largest reinsurance brokerage. It was announced in August that Gallagher had reached an agreement to acquire all of the treaty operations of Willis Re from its parent for an initial gross consideration of $3.25 billion. All quotes delayed a minimum of 15 minutes. The deal is not intended to create cost savings through significant numbers of layoffs as operations are combined, he said. We are bringing together highly complementary and well-respected reinsurance businesses to create a truly compelling unified reinsurance platform. Search California public, government employee, workers salaries, pensions and compensation. Secure your place at the event here! Insurance Insider is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, Aon banked significant new treaty wins at 1.1 renewal, BP Marsh acquires 35% stake in Verve Risk Services, Q1 losses to drive Munich Re P&C Re CoR above consensus, AI, ChatGPT and the metaverse will accelerate future cyberattacks: Munich Re, Aon posts 7% Q1 organic growth as reinsurance accelerates, MGA Frontier to launch broker subsidiary with Michalowski-Cummings at the helm, Mapfre Q1 net profit down 17.4% at EUR127.6mn, Discover things you shouldn't even know yet. Willis Towers Watson Public Limited Company. Speaking in an interview with Artemis just after the acquisition of Willis Re was announced, new Global CEO of Gallagher Re James Kent and AJG CEO Pat Gallagher, explained that the insurance-linked securities (ILS) business offering of Willis Re Securities is a key area of opportunity. Add the product lines knowledge to the expertise, strength and depth that Willis Re brings around the world and its a really exciting combination, said Kent. Gallagher Re will be led by former Willis Re CEO James Kent as global reinsurance CEO. Global re/insurance broker Arthur J. Gallagher & Co. has completed its previously announced acquisition of the treaty reinsurance operations of rival Willis Towers Watson (WTW). J. Patrick Gallagher, Jr., Chairman, President and CEO, commented: Id like to officially welcome our new reinsurance brokerage colleagues to the Gallagher family of professionals. Willis Re 1st View January 1, 2020 5 The imminent arrival of Brexit was not a topic, as German buyers adjusted their panels last year if required. One is about combining the best of the two businesses. Aon names managing director, public sector partnership, 6. We also publish Artemis.bm, the leading publisher of news, data and insight for the catastrophe bond, insurance-linked securities, reinsurance convergence, longevity risk transfer and weather risk management sectors.. Weve published and operated Artemis since its launch 20 years ago and have a readership of around 60,000 every month. He joined Willis Re in 2009 after spending 21 years at the Carvill Group, where he was joint CEO. This site, like many others, uses small files called cookies to ensure that we give you the best experience on our website. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 territories. What are industry loss warranties (ILWs)? 07337195. James Kent, Willis Re's global CEO, said the analysis underlines the reinsurance industry's sensitivity to investment markets. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Theres no winners and losers here. I will maintain my very strong ties and working relationships within North America, but having been part of the Willis Re global leadership team now for the past six years, my new role will enable me to further the already close relationships with my International and Specialty colleagues as we continue to build our client-focused business as part of Willis Towers Watson.. The way were looking at this, is really a billion dollar startup, said Kent. The filing showed diverse . The deal follows a turbulent seven-month period that saw Gallaghers original offer to buy Willis Re in May fall apart and later be modified and revived after Aon PLCs deal to buy Willis Towers Watson PLC was terminated in July in the face of regulatory opposition. Mr. Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. Its really at the heart of everything that happens in this industry. AJ Gallagher has completed its acquisition of Willis Towers Watson's treaty reinsurance business. All content copyright Steve Evans Ltd. 2021 All rights reserved. 15 March 2023 AJ Gallagher has named global CEO of Gallagher Re James Kent to a new group role in which he will lead the broker's strategic relationships with its most important. That means the AJG group has already been quite active in ILS, but now with the assumption of the Willis Re Securities team and its expertise in structuring and selling ILS and catastrophe bond securities, as well as capital raising, the company now has a holistic ILS market offering. Top Global Insurance & Reinsurance Brokers, the UKs Competition and Markets Authority (CMA) ended its investigation, Tom Johansmeyer leaves PCS to join reinsurance broker Inver Re as Global Head of Index, Verisk launches XactXpert to automate, accelerate property claims estimates review, Reinsurance Association of America elects chair, vice chair of board. Gallagher Res new Global CEO, James Kent, expanded on this, Like every business within the legacy Willis Re business, were very proud of the offering and the team that exists, and the ILS team is absolutely part of that. This is not like that at all. This field is for validation purposes and should be left unchanged. Talk to a Willis team member today. And that includes attracting talent to the organization as well. Get in touch directly using our contact form. "The truth is, there's been a . Because that is what they had, they had a lot of choices down to the individual level, and for all of those new colleagues to say, yes, lets give it a go as Gallagher Re, I couldnt be prouder, said Gallagher. People say why the big investment? For more information, visit willisre.com.
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