AJ Gallagher

The watchdog had been due to announce a decision on a further inquiry by 29 November.

Theo Norris has joined Gallagher Re as a dedicated cyber ILS broker, moving from his Aon Securities role as acting ILS assistant vice president.

The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.

One market participant said the strategy was $250mn in size, but it is not known how much business it has so far written.

The non-compete will not apply to ILS advisory, as takeover deal brings Willis Re Securities and Horseshoe under same parent.

The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.

After the collapse of the Aon-Willis merger, Gallagher has successfully resurrected the deal that will catapult its reinsurance operation into the big league.

Sources have said a deal could be signed as soon as the middle of the week, with a valuation higher than the last agreement.

The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.

The RMS V21 model update for North Atlantic hurricane incorporated data from recent major loss years but overall annual average losses have only risen up to 10% across the US.

Richard Anson previously served as head of ceded reinsurance at Antares and reinsurance manager for Aviva.

The AJ Gallagher CEO said rate increases are providing tailwinds while the M&A pipeline remains strong.