Willis Re passed final staffing test 'with flying colors': Kent 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. He joined Willis Re in 2009 after spending 21 years at the Carvill Group, where he was joint CEO. Travelers reports lower profit on higher cat losses; price hikes continue, 5. Mr . Now the combination is finalised, Kent stressed that from day one, the focus has to be on taking the best of the culture of both organizations and bringing that and making it an even better culture on a combined basis. 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. He will remain based in New York. | Source: The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. And that includes attracting talent to the organization as well. 36% of $500m+ reinsurance placements are non-traditional capital - ARTEMIS Search California public, government employee, workers salaries, pensions and compensation Stay updated by joining our mailing list! Willis Re 1st View July 1, 2021 3 Property Commentary by Territory Australia An orderly renewal with no material changes to wordings or conditions. Expanding on Kents comments around talent, Gallagher commended the tremendous effort of the executive and leadership team of Willis Re through the entire organisation for being able to keep the team together. WILLIS TOWERS WATSON PLC Compensation by Company Data Year: 2021 2020 2019 2018 Select Other Years For its 2021 fiscal year, WILLIS TOWERS WATSON PLC, listed the following executives on its annual proxy statement to the SEC Equity Cash Compensation Other Fiscal Year Ended in 2021 Enter an executive or company name The deal . Online since 1999, Artemis provides news, analysis & data on catastrophe bonds, insurance-linked securities & alternative reinsurance capital.. The best way to contact us is through our online contact form which you can findhere. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); The Head of Verisks Property Claim Services (PCS) business, Tom , Global data analytics and technology provider Verisk launched XactXpert, a , Reinsurance Association of America has elected Justin OKeefe chair, Jim . Alexis Faber is the Chief Operating Officer at WTW. Gallagher completes $3.25 billion Willis Re buy Global reinsurance capital increases 15% in 2019 Or find and follow Reinsurance News on social media. Willis Towers Watson Public Limited Company Hub secures additional private-equity investment, 4. Well, it starts with exactly what James was talking about, the clients. As an executive producer and owner of a percentage of the show's backend equity, he has earned north of $50 million on syndication deals to date." 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. Weve got a group that has come together on both sides. 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. 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. All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. Of course, it still isn't going to be plain sailing for new Gallagher Re CEO James Kent. Theres no winners and losers here. Not only is John a recognized leader of the Willis Re business, he is also a leading figure in the global reinsurance industry. Our Leadership - WTW - Willis Towers Watson So, Gallagher had some investments in businesses that have an ILS association. The acquisition of Willis Re creates a reinsurance brokerage approaching $1 billion in annualized revenue and makes Gallagher Re the worlds third-largest reinsurance brokerage. Willis Re makes James Kent global deputy chief executive Held in Singapore, July 13th, 2023. And to be part of that in a bigger way now, the opportunity for us to know downstream what are the concerns of the reinsurance model? PDF January 1, 2020 - WTW PDF Willis Re 1st View - Wtwco.com 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. This is not like that at all. As chancellor of the New York Court of Chancery (1814-23), he is said to have made . Just one quarter in since the completion of the purchase of Willis Re by Gallagher, James talks to Mark Geoghegan about the prospects that new ownership and investment are going to deliver and why building a customer and market-facing ecosystem are fundamental. . J. Patrick Gallagher. 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 not just reinsurance. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Receive alert notifications by email for every article from Artemis as it gets published. Willis Re global chief executive James Cavanagh described Kent as absolutely the right person to help further Willis Res global development. Gallagher Re has opportunity to accelerate ILS sales: James Kent & Pat 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. Willis Re has promoted James Kent to the role of global deputy chief executive. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); The Head of Verisks Property Claim Services (PCS) business, Tom , Global data analytics and technology provider Verisk launched XactXpert, a , Reinsurance Association of America has elected Justin OKeefe chair, Jim . But I genuinely see the two businesses as very complementary, he added. Get reinsurance news by email here. 07337195 Risk Strategies' acquisition expands benefits practice03-11-2021. Or find and follow Reinsurance News on social media. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Discover our wide range of surface material solutions with our sales team. AJ Gallagher completes WTW acquisition - Captive International Kent stressed that the company had been "humbled" by clients' response in a turbulent market. Ahead of this years RVS, Willis Re gobal chief executive John Cavanagh talked to Global Reinsurance about the WTW merger, disruption and the need to be proactive, Published by Newsquest Media Group Limited, registered in England & Wales with number 01676637 at Loudwater Mill, Station Road, High Wycombe HP10 9TY - a Gannett company, DWIC, 8 and 9 March 2023, Ritz Carlton DIFC, Dubai. Gallagher Re: It gets easier from here - Insurance Insider Commenting on Kents promotion, John Cavanagh said: James is one of the most highly regarded executives in the industry and has a stellar track record of driving innovation and financial performance. Kent, who was previously co-president of Willis Re and president of Willis Re North America, took up the post with immediate effect. 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. Now theyve landed, the waiting period is over. We will undertake an integration process now that the companies are together, Mr. Kent said in an interview. Gallagher Re now has an exciting opportunity to evolve its reinsurance broking and ILS management offerings, to now incorporate the ability to structure and sell securities issuances. 2011-2021 salaries for San Francisco | Transparent California or call us at 1-888-994-5547. They dont know it, but theyre not going to trade with the major carriers around the world without good reinsurance capabilities. To search specifically for more than one word, put the search term in quotation marks. James Kent, Global CEO, Willis Re July 1, 2019 Improvements to reinsurance treaty terms and conditions are outstripped by more significant changes in primary markets . All content copyright Steve Evans Ltd. 2021 All rights reserved. Our Standards: The Thomson Reuters Trust Principles. No further leadership changes have been announced, he said. Wakefield will lead the business through to the integration with Willis Re, at which point Willis Re CEO James Kent is expected to take on the Gallagher Re leadership, with Wakefield. Kent added: This combination marks a new chapter for two remarkable reinsurance broking teams as well as for our valued and extremely supportive clients and stakeholders. James Kent, Global CEO, Willis Re, said: "Reinsurance providers will be heartened by these results. Our Leadership - WTW - Willis Towers Watson With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 territories. 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. Here's How Much Energy Secretary Jennifer Granholm Is Worth - Forbes This will limit your search to that combination of words. 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. This site, like many others, uses small files called cookies to ensure that we give you the best experience on our website. 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. If you are not familiar with these principles, here are some quick tips. And as long as that remains, we are going to get there in terms of a really, really strong integration process and bringing out whats best again for those two constituents, our clients and our colleagues.. The data and analytics that well receive now for our clients, and how well use that data and analytics, it just makes us stronger across the spectrum. Willis Re Announces Senior Leadership Appointments - GlobeNewswire At a cost of $3.25 billion, the acquisition is no small investment for AJG, but as Gallagher explained, this is about more than just reinsurance and its expected that synergistic opportunities for Gallagher Re will emerge with other AJG units. From January 2019 to December last year, Granholm reported earning at least $2 million, according to a financial disclosure she filed before becoming energy secretary. He is absolutely the right person to help further Willis Res global development and I look forward to working with him more closely in his new capacity as Deputy CEO., Carl Hess, Head of Willis Towers Watsons Investment, Risk and Reinsurance segment, added: James appointment reflects the deep strength of Willis Res leadership team and the strong track record within that team of product innovation and financial performance. 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. The Gallagher CEO was speaking alongside new Gallagher Re CEO James Kent following the completion of the number-four broker's $3.25bn acquisition of Willis Re. After several years leading the Willis Re Bermuda office, in 2010 Kent was appointed Willis Re North America president, and moved to New York to work alongside Willis Re North America chief executive Jim Bradshaw and Willis Re North America chairman Paddy Jago. Reinsurance is at the heart of every retail clients need. Willis Towers Watson P.L.C. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. James Kent appointed to lead Willis Re as global 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).
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