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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. -
He spent more than seven years as vice president of the firm’s capital markets and advisory division.
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The companies disclosed that Aon will pay Willis the $1bn break fee.
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The broker must ensure it is “leaving no stone unturned” in its search for capital, according to president and CEO of North America Pete Chandler.
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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.
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BMS Re seeks to consolidate its presence in key areas such as Florida, Los Angeles, North Carolina and the greater Boston area.
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The reinsurance broker will work in tandem with wider Marsh McLennan companies to provide an integrated service.
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The new broker will sit within Steve Hearn’s capital solutions division.
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The facility is the second in South America for the firm, which established a local presence in Argentina in 2016.
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Frederick Streeton will join in September from Liberty Mutual Group, where he was head of underwriting strategy for the its global risk solutions business.
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Trading Risk reported last year that the Aon executive had resigned to join Lockton.
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The AJ Gallagher CEO said rate increases are providing tailwinds while the M&A pipeline remains strong.
