AJ Gallagher
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In his new role, Alex Ntelekos will be responsible for supporting the growth of Gallagher Re’s public-private initiatives across the region. -
Hvidsten had worked at Willis Re since 1997, before it was bought by Gallagher, and will continue to serve as a consultant to the firm.
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Property cat rate increases this January were double those of last year and the highest since 2014.
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.
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The watchdog had been due to announce a decision on a further inquiry by 29 November.
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Theo Norris has joined Gallagher Re as a dedicated cyber ILS broker, moving from his Aon Securities role as acting ILS assistant vice president.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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One market participant said the strategy was $250mn in size, but it is not known how much business it has so far written.
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The non-compete will not apply to ILS advisory, as takeover deal brings Willis Re Securities and Horseshoe under same parent.
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The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.
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After the collapse of the Aon-Willis merger, Gallagher has successfully resurrected the deal that will catapult its reinsurance operation into the big league.
