As James said, the best startup Ive ever seen in my 50 years in this business was Gallagher Re. Get our free email newsletters for weekly summaries & reminders of stories you may have missed --. Willis Re's analysis provides clear evidence of the strength and resilience of reinsurance market capacity. The way were looking at this, is really a billion dollar startup, said Kent. Top Global Insurance & Reinsurance Brokers, 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. Willis Towers Watson Public Limited Company 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. 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. Gallagher struck a deal to acquire Willis Re for $3.25bn in August in the wake of the collapsed Aon-Willis Towers Watson merger. Highest-paid insurance executives 2023, 2. 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. Held in Singapore, July 13th, 2023. Willis had been due to sell Willis Re to Gallagher as. In the past seven years, Gallagher Re has established itself as the fifth largest reinsurance broker in the world. Kent, who is the units deputy global CEO, takes over after Cavanagh retires in December. What are traditional, non-traditional or alternative reinsurance? Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. 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.. However, if you would like to, you can change your cookie settings at any time. (Reporting by Gayathree Ganesan in Bengaluru). 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. BIs Article search uses Boolean search capabilities. 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 . People say why the big investment? 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. BIs Article search uses Boolean search capabilities. Sign up today for your free Reader Account. During his time in Asia, he also spent 18 months in Shanghai, setting up Willis' China operation. We have 220,000+ readers every month & 19,000+ email subscribers. Where are people taking larger retentions, and why? The deal will also enhance Gallaghers insurance brokerage operations, said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher. Travelers reports lower profit on higher cat losses; price hikes continue, 5. To search specifically for more than one word, put the search term in quotation marks. 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.. Since then, Kent's salary has increased to $183,300 in 2021. 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. 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. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. 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. November 28, 2016 12:42 ET To search specifically for more than one word, put the search term in quotation marks. 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? 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. 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. Together, we unlock potential. Willis Re global chief executive James Cavanagh described Kent as absolutely the right person to help further Willis Res global development. We also coverlife,weather riskandlongevity risk transfer. Stay updated by joining our mailing list! All quotes delayed a minimum of 15 minutes. For group CEO Gallagher, this is another seminal moment for AJG. Of course, with any merger theres going to be integration and certain challenges that come with that. 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. Kent, who is the unit's deputy global. AJ Gallagher has completed its acquisition of Willis Towers Watson's treaty reinsurance business. Not only is John a recognized leader of the Willis Re business, he is also a leading figure in the global reinsurance industry. Kent began working at the Social Security Administration in 2011 with a starting salary of $118,612. James J. Kent is a AL-03 under the administrative law judges payscale . 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. Home / Cities / San Francisco 2011-2021 salaries for San Francisco 438,057 employee records found - Page 1 of 8,762 Subscribe to this agency . 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. 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. This will limit your search to that combination of words. Mr . 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. For example, hurricane & loss. Whats happening with accumulations? We will look to accelerate that through Q1, with a structure announcement and management team announcement by the end of the quarter, said Kent. 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. As with any business, integration sounds very easy to say but youve got to put it into practice, and human beings are complex. No further leadership changes have been announced, he said. 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. Mr. Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. The reinsurance portion of Gallagher now will be incredibly additive to what we are doing as a retailer, Mr. Gallagher said. The deal comprises Willis Towers Watsons treaty reinsurance business. 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." 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. Risk Strategies' acquisition expands benefits practice03-11-2021. 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. 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. . What is life insurance securitization or life ILS? Or find and follow Reinsurance News on social media. In November, the UK's Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. Aon names managing director, public sector partnership, 6. Learn more at willistowerswatson.com. J. Patrick Gallagher. 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. Willis Towers Watson P.L.C. Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence. Prior to this, he held regional CEO roles in Continental Europe and Australasia. "The truth is, there's been a . The 6th Annual Dubai World Insurance Congress (DWIC) continues to reimagine the traditional conference. Reinsurance is at the heart of every retail clients need. We have 220,000+ readers every month & 19,000+ email subscribers. or call us at 1-888-994-5547. But I genuinely see the two businesses as very complementary, he added. 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. 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. He will help in leading global business production, client. Kent joined Willis Re in 2004 as Willis Re Bermuda executive vice president, bringing more than 15 years experience producing and placing property and casualty treaty business across both London and Bermuda. 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. 07337195 This site, like many others, uses small files called cookies to ensure that we give you the best experience on our website. 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. If you are not familiar with these principles, here are some quick tips. 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. Now theyve landed, the waiting period is over. One is about combining the best of the two businesses. 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. 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. 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. 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). 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. Travelers reports lower profit on higher cat losses; price hikes continue, 5. WTW hires from Aon for corporate risk and broking role, 3. 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. The second is real and proper connectivity between our product and practice groups in our regions, so that youre delivering that knowledge and expertise right across the globe, irrespective of where it sits. Hub secures additional private-equity investment, 4. Its all about how do we take this thing forward as quickly as we can, said Gallagher. Willis Re combines global expertise with on-the-ground presence and local understanding. This is not like that at all. 07337195. 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. 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. 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. 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 Weve got a group that has come together on both sides. 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. 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 . Kent immediately takes up his new role at Willis Re, working closely with global CEO John Cavanagh and global chairman Paddy Jago. As chancellor of the New York Court of Chancery (1814-23), he is said to have made . James Kent, global chief executive officer at Willis Re, said: "Such a solid development of the global reinsurance industry's capital base would hardly have been expected earlier last year, as the COVID pandemic was gathering pace. 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. Willis Re 1st View January 1, 2020 3 Property International Overview . 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. 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. Register today for ILS Asia 2023, our next insurance-linked securities (ILS) market conference. 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. For more information, visit willisre.com. What are insurance-linked securities (or ILS)? Website Privacy & Cookies and Disclaimer. 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. ABOUT WILLIS TOWERS WATSONWillis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. The combined company has more than 70 offices across 31 countries and about 2,400 staff, a Gallagher statement said. Its not just reinsurance. Its facultative reinsurance business, which is part of its retail brokerage operations, was not included. Discover our wide range of surface material solutions with our sales team. 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 . An average 36% of seven sample reinsurance placements of $500m or greater was placed with non-traditional reinsurance markets or using catastrophe bonds, Or, email[emailprotected]with any questions, suggestions or advertising enquiries. Her industry expertise spans more than 20 years in insurance and financial services. Read more about Artemis. 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. In November, the UKs Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. 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. 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.. I couldnt be more excited, he continued. Get reinsurance news by email here. 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. Mr. Cavanagh has been CEO at Willis Re since 2012. Reach the largest reinsurance audience. James Kent. Its really at the heart of everything that happens in this industry. The deal is not intended to create cost savings through significant numbers of layoffs as operations are combined, he said. The filing showed diverse . What are industry loss warranties (ILWs)? WTW hires from Aon for corporate risk and broking role, 3. You combine that leadership team and the team from Willis Re, and it is a one plus one equals five. That is all going to play a huge part, said Gallagher. All content copyright Steve Evans Ltd. 2021 All rights reserved. Talk to a Willis team member today. And if thats right, then the investors are going to do extremely well. 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. Add to that the long-established global footprint and success of the Willis Re business, and its a really exciting combination. Reach the largest reinsurance audience. 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. Theres no more talk of if, and whos going to come and whos not. 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. Alexis Faber is the Chief Operating Officer at WTW. Together, we will build upon our shared focus of outstanding service, expertise and client-centric culture. 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. James Kent, Global CEO, Willis Re January 1, 2020 . 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. He joined Willis Re in 2009 after spending 21 years at the Carvill Group, where he was joint CEO. See here for a complete list of exchanges and delays. Gallagher Re will be led by former Willis Re CEO James Kent as global reinsurance CEO. There is not one person in this deal who is being asked to leave because we have an overlap. LONDON, Aug. 07, 2015 (GLOBE NEWSWIRE) -- Willis Re, the reinsurance division of Willis Group Holdings plc (NYSE:WSH), the global risk advisory, re/insurance broking, and human capital and. Website Privacy & Cookies and Disclaimer. To search for a combination of terms, use quotations and the & symbol. 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. 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.. 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. 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. 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.. The hope is that these additions will immediately provide exceptional value to insurance carriers and insurance capital providers around the world. He was appointed to the additional role of Co-President, Willis Re, in August 2015. 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. 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. 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. 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.. This field is for validation purposes and should be left unchanged. While there are far fewer reinsurance brokerages operating, there will be opportunities for further acquisitions in that sector, Mr. Gallagher said. 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. 2,200 new colleagues and virtually everybody said yes, lets give this a go, said Gallagher. Kent joined Willis Re in 2004 as Willis Re Bermuda executive vice president, bringing more than 15 .
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