AJ Gallagher
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Willis Re CEO James Kent is expected to take on the leadership of Gallagher Re following the completion of the acquisition. -
The merging brokers have also agreed a two-year non-compete agreement on transferring Willis business.
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There are few areas of overlap in the Willis Re-Gallagher Re combination but some details to be ironed out on the new executive team.
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The AJG CEO vowed to invest in Willis Re assets while stressing the quality and security of the team.
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The buyer says the deal involves revenue of about $1.3bn and earnings of around $357mn.
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The merger partners are working towards a third-quarter completion after a side-deal they say addresses EC concerns.
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He is expected to join the firm’s property reinsurance broking team after his gardening leave ends.
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The Bermuda-based broker is believed to be heading to Corant along with other hires.
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He will take over from current CEO Rupert Swallow next month.
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The leadership shake-up comes after Gallagher completed its purchase of the company in January.
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The Grahame Chilton-founded firm will become Gallagher's reinsurance partner if a deal is finalised.
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New owner AJ Gallagher will be able to support tech and other investments in the ILS platform.
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