James Kent. 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. Consistent with the 1.1 and 1.4 renewals pressure on pricing especially on loss 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. The deal is not intended to create cost savings through significant numbers of layoffs as operations are combined, he said. 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. He will remain based in New York. Search California public, government employee, workers salaries, pensions and compensation. In November, the UK's Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. 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. Willis Towers Watson Public Limited Company. Together, we unlock potential. Online since 1999, Artemis provides news, analysis & data on catastrophe bonds, insurance-linked securities & alternative reinsurance capital.. 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. This is according to AJG Chairman, President and CEO Pat Gallagher and James Kent, the new Global Chief Executive Officer (CEO) of Gallagher Re, who spoke with Reinsurance News about the successful acquisition and what this means going forwards. To search for a combination of terms, use quotations and the & symbol. Under the terms of the deal, Gallagher paid Willis $3.25 billion and agreed to potentially pay an additional $750 million in 2025 based on the revenue of the acquired operations in 2024. 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. Discover our wide range of surface material solutions with our sales team. James Kent, Global CEO, Willis Re January 1, 2020 . 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. The filing showed diverse . And Im very proud of that. If that can be developed into a fully-integrated offering, it will benefit the group and provide synergistic opportunities to bring ILS capital more closely to its reinsurance clients, as well as embed ILS risk transfer within its broader insurance and reinsurance market product-set. Get in touch directly using our contact form. 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. 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. Aon names managing director, public sector partnership, 6. 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. Mr. Kent. 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. We were a big ILS player before this, not in the security side, but the two marry up very, very nicely, AJG CEO Pat Gallagher told us. Willis Re 1st View Combined with Gallagher's existing reinsurance operations, the business, trading as Gallagher Re, brings together more than 70 offices across 31 countries and 2,400 staff. 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. Travelers reports lower profit on higher cat losses; price hikes continue, 5. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. If you are not familiar with these principles, here are some quick tips. 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 . Willis Re has promoted James Kent to the role of global deputy chief executive. 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. GR Main Edition 2022: Disrupting the Oligopoly, GR at SIRC 2019: Day 3 live & free to read, WTW employment scheme for adults with autism extended to UK. Whats happening with accumulations? The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. However, if you would like to, you can change your cookie settings at any time. 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 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. March 15, 2023 James Kent (L) and Tom Wakefield (R) 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 (re)insurance partners, with Tom Wakefield set to succeed him in his current role. Talk to a Willis team member today. Get a ticket soon to ensure you can attend. 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. 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.. Our Standards: The Thomson Reuters Trust Principles. But I genuinely see the two businesses as very complementary, he added. 2,200 new colleagues and virtually everybody said yes, lets give this a go, said Gallagher. I couldnt be more excited, he continued. Kent immediately takes up his new role at Willis Re, working closely with global CEO John Cavanagh and global chairman Paddy Jago. 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. Risk Strategies' acquisition expands benefits practice03-11-2021. The way were looking at this, is really a billion dollar startup, said Kent. This will limit your search to that combination of words. Munich Re Specialty names Sabrina Hart president, CEO, COPYRIGHT 2023 BUSINESS INSURANCE HOLDINGS, WTW hires from Aon for corporate risk and broking role, Hub secures additional private-equity investment, Travelers reports lower profit on higher cat losses; price hikes continue, Aon names managing director, public sector partnership, Munich Re Specialty names Sabrina Hart president, CEO. Reach the largest reinsurance audience. Willis Re global chief executive James Cavanagh described Kent as absolutely the right person to help further Willis Res global development. I am incredibly proud to be leading Gallagher Re into its next phase of growth.. 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. Our primary focus is oncatastrophe bonds, insurance-linked securities,alternative reinsurance capital,insurance & reinsurance linked investments. 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. Kent and his management team have significant work ahead of them that will make it hard for 2022 to. Willis had been due to sell Willis Re to Gallagher as. This site, like many others, uses small files called cookies to ensure that we give you the best experience on our website. Mr. Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. We also coverlife,weather riskandlongevity risk transfer. All content copyright Steve Evans Ltd. 2021 All rights reserved. Like everywhere else, we will be seeking to make investments in that business in talent to support what we have today and accelerate forward for tomorrow.. 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.. 1. Held in Singapore, July 13th, 2023. 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. As weve explained before, Gallagher already has specific ILS, catastrophe bond and collateralized reinsurance expertise in its broking teams and its insurance management unit Artex, which of course owns ILS leading facilitator Horseshoe. 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. The deal will also enhance Gallaghers insurance brokerage operations, said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher. AJ Gallagher has completed its acquisition of Willis Towers Watson's treaty reinsurance business. Kent stressed that the company had been "humbled" by clients' response in a turbulent market. To search for a combination of terms, use quotations and the & symbol. 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. For more information, visit willisre.com. James Kent, Global CEO, Willis Re, said: "Reinsurance providers will be heartened by these results. 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 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. 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. No further leadership changes have been announced, he said. 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. Website Privacy & Cookies and Disclaimer. Mr . Willis Towers Watson P.L.C. Its really at the heart of everything that happens in this industry. 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. This is not a synergy play, this is an investment play, Mr. Gallagher said, noting that it is Gallaghers biggest acquisition to date. A Celebration of 25 years of Insurance-Linked Securitisation through 25 Landmark Deals, Insured Natural Catastrophe & Man-Made Disaster Loss Reports, ART, Collateralized & Alternative Reinsurance Topics, Catastrophe Options & Catastrophe Derivatives, Microinsurance & Weather or Catastrophe Index-Insurance, Introduction To Weather Trading, Derivatives, Futures, Weather Risk Management For Utilities & Energy, Weather Derivatives, Weather Risk Pricing & Structuring, Global Property Catastrophe Rate-On-Line Index Guy Carpenter, U.S. Property Catastrophe Rate-On-Line Index Guy Carpenter, Regional Property Catastrophe Rate-On-Line Index Guy Carpenter, the acquisition of Willis Re was announced, Inver Re hires PCS Johansmeyer as Global Head of Index, Best of Artemis, week ending April 30th 2023, ILW funds defensive positioning for 2022 hurricane season paid off: CNR CEO, Heritage secures Citrus Re 2023-1 cat bond at upsized $235m. 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. 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. He was appointed to the additional role of Co-President, Willis Re, in August 2015. Highest-paid insurance executives 2023, 2. John has been instrumental in creating the reinsurance business we have today and will leave a strong legacy., Mr. Kent said in a statement that he was honored to have this opportunity to lead Willis Re., In succeeding John, Mr. Kent said, I look forward to further enhancing our proposition to help clients effectively manage their risk while building on the collaborative culture so integral to our proposition for both clients and colleagues.. We will look to accelerate that through Q1, with a structure announcement and management team announcement by the end of the quarter, said Kent. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. This will limit your search to that combination of words. What is life insurance securitization or life ILS? For example, workers compensation. 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). We will look to roll that out through Q1, and by the end of Q1 well have a combined structure and management team in place.. What are industry loss warranties (ILWs)? Kent, who is the units deputy global CEO, takes over after Cavanagh retires in December. As with any business, integration sounds very easy to say but youve got to put it into practice, and human beings are complex. 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. Of course, it still isn't going to be plain sailing for new Gallagher Re CEO James Kent. . Kent, who is the unit's deputy global. There is not one person in this deal who is being asked to leave because we have an overlap. The best way to contact us is through our online contact form which you can findhere. Together, we will build upon our shared focus of outstanding service, expertise and client-centric culture. During his time in Asia, he also spent 18 months in Shanghai, setting up Willis' China operation. Get reinsurance news by email here. Spinnaker targets debut catastrophe bond, $100m Mountain Re Ltd. catastrophe bonds, insurance-linked securities, insurance & reinsurance linked investments, Get our free email newsletters for weekly summaries & reminders of stories you may have missed. Steve Evans Ltd. registered in England No. Willis Towers Watson Public Limited Company Search California public, government employee, workers salaries, pensions and compensation Stay updated by joining our mailing list! Tagged as: capital markets, Cat bond, Catastrophe bond, Collateralized reinsurance, ILS funds, Insurance linked securities, mergers & acquisitions, reinsurance, reinsurance broker, sidecar, third-party reinsurance capital, Receive a regular weekly email newsletter update containing all the top news stories, deals and event information. Kent will retain his role as Willis Re North America president and will continue to work in New York alongside Jim Bradshaw. 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. Kent, who was previously co-president of Willis Re and president of Willis Re North America, took up the post with immediate effect. A long-standing member of Willis Res global leadership team, Kent will retain his role as President of Willis Re North America and continue to work in New York alongside Willis Re North America CEO, Jim Bradshaw, to drive sales and growth efforts, produce business and maintain market and client relationships in the region, which has seen 50 percent market share growth over the past five years and now represents Willis Res largest business segment. Hub secures additional private-equity investment, 4. 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 . If you are not familiar with these principles, here are some quick tips. We have 220,000+ readers every month & 19,000+ email subscribers. The hope is that these additions will immediately provide exceptional value to insurance carriers and insurance capital providers around the world. All quotes delayed a minimum of 15 minutes. (Reporting by Gayathree Ganesan in Bengaluru). 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. 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.. | Source: He will help in leading global business production, client. "The truth is, there's been a . In 2021, James J. Kent was an Administrative Law Judge at the Social Security Administration in Lansing, Michigan. 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. 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. 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. Gallagher Re has strengths in many business lines, and whether thats mortgage, cyber, UK motor, PA or specialty lines, they are a really good fit with the existing Willis Re footprint. Sign up today for your free Reader Account. 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? Our unique perspective allows us to see the critical intersections between talent, assets and ideas the dynamic formula that drives business performance. With the completion of its acquisition of the treaty reinsurance business of Willis Towers Watson, Arthur J. Gallagher and its reinsurance unit Gallagher Re has an opportunity to accelerate sales of insurance-linked securities (ILS), its senior executives told Artemis. Mr. Cavanagh has been CEO at Willis Re since 2012. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. Or find and follow Reinsurance News on social media. Kent, who was previously co-president of Willis Re and president of Willis Re North America, took up the post with immediate effect. What are traditional, non-traditional or alternative reinsurance? 07337195 As chancellor of the New York Court of Chancery (1814-23), he is said to have made . 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. J. Patrick Gallagher. 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. 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. And that includes attracting talent to the organization as well. Learn more at willistowerswatson.com. Travelers reports lower profit on higher cat losses; price hikes continue, 5. 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 . This field is for validation purposes and should be left unchanged. 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 Under John Cavanagh, Paddy Jago and the rest of the Willis Re leadership team, Willis Res development as a highly collaborative and client-focused business within the investment, risk and reinsurance arena continues to set it apart in the marketplace.. Not only is John a recognized leader of the Willis Re business, he is also a leading figure in the global reinsurance industry. We have much better data and analytics for our clients, well know whats going on at the very base of the capital management structure, and well be able to use that in the retail market.. People say why the big investment? And the fourth is about talent; its about providing a platform where colleagues want to work, where they want to stay, where they see their long-term career aspirations. WTW hires from Aon for corporate risk and broking role, 3. Gallagher Re's new Global CEO, James Kent, expanded on this, "Like every business within the legacy Willis Re business, we're very proud of the offering and the team that exists, and the ILS . Aon names managing director, public sector partnership, 6. Hub secures additional private-equity investment, 4. I do see tuck-in acquisition opportunities, and were always interested in creative people joining the firm, he said. The 6th Annual Dubai World Insurance Congress (DWIC) continues to reimagine the traditional conference. Steve Evans Ltd. registered in England No. Willis Re 1st View July 1, 2021 3 Property Commentary by Territory Australia An orderly renewal with no material changes to wordings or conditions. We have 220,000+ readers every month & 19,000+ email subscribers. An average 36% of seven sample reinsurance placements of $500m or greater was placed with non-traditional reinsurance markets or using catastrophe bonds, You combine that leadership team and the team from Willis Re, and it is a one plus one equals five. The industry has endured several years of below-par performance, capped by the calamitous . Well, it starts with exactly what James was talking about, the clients. 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. In his additional capacity as Global Deputy CEO, Kent will work closely with Global CEO, John Cavanagh, and Global Chairman, Paddy Jago, to lead global business production, client and market relationship management and to drive the businesss operations worldwide. 07337195. Her industry expertise spans more than 20 years in insurance and financial services. James Kent, Willis Re's global CEO, said the analysis underlines the reinsurance industry's sensitivity to investment markets. 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. 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. Willis Re's analysis provides clear evidence of the strength and resilience of reinsurance market capacity. The combined company has more than 70 offices across 31 countries and about 2,400 staff, a Gallagher statement said. Im talking to retailers every day about why they should be excited about this deal, the position that it puts us in and why that benefits the retail middle market client, he continued. Prior to the Willis Re acquisition, Gallagher Re was the worlds fifth-largest reinsurance brokerage. Gallagher Re will be led by former Willis Re CEO James Kent as global reinsurance CEO. He joined Willis Re in 2009 after spending 21 years at the Carvill Group, where he was joint CEO. Theres no more talk of if, and whos going to come and whos not. Home / Cities / San Francisco 2011-2021 salaries for San Francisco 438,057 employee records found - Page 1 of 8,762 Subscribe to this agency . With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 territories. Its all about how do we take this thing forward as quickly as we can, said Gallagher. The reinsurance portion of Gallagher now will be incredibly additive to what we are doing as a retailer, Mr. Gallagher said. WTW hires from Aon for corporate risk and broking role, 3. All content copyright Steve Evans Ltd. 2021 All rights reserved. For the final seasons, he earned $400,000 per episode. They dont know it, but theyre not going to trade with the major carriers around the world without good reinsurance capabilities. Its not just reinsurance. 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. What is collateralized (or collateralised) reinsurance? Wheres the profitability? Inside P&C 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, Hubs valuation: A shiver passes through the private broking sector, CNA Q1 reserve charge linked to exited London PL book: CEO Robusto, Need to Know: AIG, Hub investment, Aon results, CinFins severe convective storm exposure led to high cat losses: CEO Johnston, Gain your competitive advantage with Inside P&C.
