AJ Gallagher

A US landfall is not expected, but the storm could hit the Bahamas by Friday.

Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.

The broker has nearly 20 years of experience in the reinsurance and retro markets.

The US accounted for 92% of all global insured losses for the period.

SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.

Sources believe the market will grow gradually over years after its initial cluster of dealmaking.

SCS losses were also above average in Q1 due to “lingering” La Niña conditions.

Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.

The reinsurance broker said total reinsurance market capacity was up 5.3% year over year.

The March 13-16 storms would mark the first billion-dollar US SCS event of the year.

The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.

Investment in the space comes mainly from the cat bond market, Gallagher Re said.

Redington provides services to UK pension funds, wealth managers and institutional investors.

An unexpected shift east towards Tampa could push losses beyond $10bn.

Francine is expected to make landfall in Louisiana tomorrow.

Growth was driven by increased earnings and capital inflows.

Sources said Guy Carpenter has promoted Jennifer Paretchan to succeed Mowery.

The peril can no longer be considered secondary, according to Gallagher Re.

Debby should be a “very manageable” storm for the (re)insurance market, it said.

Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.

The broker estimated ILS capacity reached a record $107bn as cat bond interest surged.

The broker said it did not anticipate a slew of new entrants, with the possible exception of casualty start-ups.

ILS capital so far is viewed by sponsors as strategic rather than essential.

Sources said that Gallagher Re had ‘first mover’ advantage as the exclusive broker.

Torrential rain caused flash floods in the Gulf States in the middle of April.

The cat bond will provide coverage across multiple territories in Europe.

The second part of the PoleStar Re issuance takes the bond's total volume to $300mn.

Diversification in perils and regions can help the market grow.

Insured loss for Q1 was 10% higher than the decadal average of $18bn.

Retained earnings resulting from reduced loss activity also helped to boost ILS capital.

Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.

This came as the broker earmarked “material softening” of minimum traditional rates on line.

Driscoll and Lubert have been promoted to presidents.

The vulnerability updates are the biggest driver of loss changes.

2023 was the fourth consecutive year insured cat losses surpassed $100bn.

The deal was brokered by Gallagher Re and provides US cyber insurance event protection.

The head of the ILS international team at Gallagher Securities Europe expects ILS issuance in the region to grow following rises in the European Central Bank rate.

Alexandre Delacroix will lead the Continental hub.

Broker-dealers' year-ahead forecasts have undershot total final issuance in three of the last five years.

The firm’s reinsurance leader said over-subscriptions on cat reinsurance programmes have been driven by a psychological shift.

The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.

Artex hopes the rebrand will bring greater efficiency and a higher level of service to clients

Martin Ford joins the broker following a 26-year-stint at Gallagher Re, formerly Willis Re.

The senior retro/specialty broker spent 26 years at Willis Re, which was acquired by Gallagher in 2021.

Alexander will join after his competitive restrictions are up.

Climate change is causing an upward trend in losses, but it should not be conflated with the impact of seasonal variability, according to Gallagher Re.

The broker said that $100bn+ loss years have become the “new normal”.

Gallagher Re’s chief science officer warned that US SCS activity will keep rising.

Frontier’s employees, including director and co-founder Peter Brodsky and CEO Derek Winch, will remain in their current roles.

The broker’s half-year 2023 report said reinsurers’ RoE has surpassed the cost of capital for second year running.

The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.

Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.

WTW is quietly sounding out market executives for a potential relaunch into reinsurance once its two-year non-compete agreement with Gallagher Re ends in December, this publication can reveal.

The loss tally comes in 39% above the average for the 21st century.

The firm’s 1st View report on the July renewals also flagged that an oversupply of ILW capacity may bring down attachment points relative to early 2023.

The AJ Gallagher-owned ILS services provider is expanding its footprint globally.

The risk-modelling expert has served at RMS for almost 19 years after joining as a graduate trainee.

In the first quarter of the year, the total global economic loss for all natural hazards was estimated at $77bn.

Gallagher Re is now lead and sole broker for ARC, the Caribbean Catastrophe Risk Insurance Facility SPC (CCRIF SPC) and the Pacific Catastrophe Risk Insurance Company (PCRIC).

Bart Zanelli will work within Gallagher Securities, specialising in capital raising and M&A.

The real test for cat capacity will come at the mid-year point, according to Gallagher Re.

Global reinsurers also reported a slight deterioration of their combined ratios in 2022, with the average for the year being 95.7% compared with 94.7% in 2021.

The specialty leader had worked at recent acquisition Willis Re since 1998.

The executive will be charged with unifying carrier engagement and bringing together Gallagher’s offerings.

Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.

The appointments aim to provide clients with a product-agnostic view on accessing capital in a capacity-constrained market.

The intermediary tallied $360bn in economic losses worldwide.

She had served as director of underwriting at Nephila since mid-2018.

Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.

The executive said many reinsurers have secured the pricing and terms necessary to cover their cost of capital.

The broker said the renewal had been “gruelling” for cedants.

Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions.

Jason Bolding adds to the growing team recently joined by Alexandre Delacroix and Keshav Gupta.

How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.

Steve Bowen will work closely with the Gallagher Research Centre, which was launched just yesterday.

The Gallagher Research Centre will be led by Tina Thomson as global head of research.

The broker found reinsurers’ underlying RoE had improved during the period but still fell short of the cost of capital.

The former Gallagher Re broker is the second departure from the firm in Bermuda since the Willis Re sale.

Former Natixis banker Alexandre Delacroix will focus on a range of capital market activities.

The broker said EPS estimates for 2023 were broadly flat due to inflation fears.

The private deal was shelved due to investor questions over aspects of the deal, and the wider macro environment.

Gupta moves from Axis Capital where he served for four years in the New York team.

Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.

Rate increases are now universal in the property cat markets, the Gallagher Re executive said.

Australia and Florida buyers faced capacity problems as inflation drives up pricing.

The new recruit has worked for Argo, Allianz and the European Space Agency.

he broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.

The issuance comes as the state organisation faces possible gaps in reinsurance cover.

The ILS platform was transferred to Gallagher Re when it bought Willis Re last year.

Cyber reinsurance premiums may exceed those of property cat by 2040.

Losses were led by Hurricane Ida and Storm Bernd.

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.

Property cat rate increases this January were double those of last year and the highest since 2014.

Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.

The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.

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.