Reach the largest reinsurance audience. Between 2012 and 2015, he served as the regional CEO of Willis Asia, based in Singapore, leading Willis' strategy in high-growth markets in the region. But the point about the Willis Re team, it will be firmly embedded within the combined reinsurance businesses and I think theres a real opportunity for us to accelerate sales. Willis Towers Watson Public Limited Company. Arthur J. Gallagher & Co. on Wednesday completed its acquisition of Willis Re with a $3.25 billion payment that could rise to $4 billion depending on future revenue. If that can be developed into a fully-integrated offering, it will benefit the group and provide synergistic opportunities to bring ILS capital more closely to its reinsurance clients, as well as embed ILS risk transfer within its broader insurance and reinsurance market product-set. The Gallagher CEO was speaking alongside new Gallagher Re CEO James Kent following the completion of the number-four broker's $3.25bn acquisition of Willis Re. However, if you would like to, you can change your cookie settings at any time. Kent began working at the Social Security Administration in 2011 with a starting salary of $118,612. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); The Head of Verisks Property Claim Services (PCS) business, Tom , Global data analytics and technology provider Verisk launched XactXpert, a , Reinsurance Association of America has elected Justin OKeefe chair, Jim . Kent joined Willis Re in 2004 as Willis Re Bermuda executive vice president, bringing more than 15 years experience producing and placing property and casualty treaty business across both London and Bermuda. Kent, who is the unit's deputy global. Together, we unlock potential. View all state and local government entities Its not just reinsurance. Reinsurance is at the heart of every retail clients need. In November, the UK's Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. Kent added: This combination marks a new chapter for two remarkable reinsurance broking teams as well as for our valued and extremely supportive clients and stakeholders. All quotes delayed a minimum of 15 minutes. And that includes attracting talent to the organization as well. Kent stressed that the company had been "humbled" by clients' response in a turbulent market. Where are people taking larger retentions, and why? I do see tuck-in acquisition opportunities, and were always interested in creative people joining the firm, he said. A long-standing member of Willis Res global leadership team, Kent will retain his role as President of Willis Re North America and continue to work in New York alongside Willis Re North America CEO, Jim Bradshaw, to drive sales and growth efforts, produce business and maintain market and client relationships in the region, which has seen 50 percent market share growth over the past five years and now represents Willis Res largest business segment. The third is bringing Gallagher Re to our global clients. Looking further ahead, he highlighted four themes that will underpin the integration process that Gallagher Re goes through. Following a successful tenure leading Willis Res Bermuda office, in 2010, Kent was appointed President of Willis Re North America, moving to New York to work alongside Willis Re North America CEO, Jim Bradshaw, and Willis Re North America Chairman, Paddy Jago. Cavanagh added: James is one of the most highly regarded executives in the industry and has a stellar track record of driving innovation and financial performance. Willis Towers Watson names North American broking head, Former Willis chief Casserley joins private equity firm, Willis Towers Watson builds new global broking leadership team, 1. Home / Cities / San Francisco 2011-2021 salaries for San Francisco 438,057 employee records found - Page 1 of 8,762 Subscribe to this agency . We also coverlife,weather riskandlongevity risk transfer. As chancellor of the New York Court of Chancery (1814-23), he is said to have made . So, Gallagher had some investments in businesses that have an ILS association. Alexis is accountable for supporting the company's short- and long-term success through oversight of operations, real estate and technology. Tom Wakefield, a former Aon executive who was named CEO of Gallagher Re in June, will head Gallagher Res U.K. business and report to Mr. Kent and Simon Matson, CEO of Europe, the Middle East and Africa for Gallagher, Mr. Kent said. He is a well-respected leader within this business and has played a significant role in shaping Willis Re over the past decade, particularly in driving the growth of our Bermuda and North America operations.. Arthur J. Gallagher & Co. on Wednesday completed its acquisition of Willis Re with a $3.25 billion payment that could rise to $4 billion depending on future revenue. And the fourth is about talent; its about providing a platform where colleagues want to work, where they want to stay, where they see their long-term career aspirations. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. AJ Gallagher has completed its acquisition of Willis Towers Watson's treaty reinsurance business. He will help in leading global business production, client. Gallagher Re will be led by former Willis Re CEO James Kent as global reinsurance CEO. J. Patrick Gallagher, Jr., Chairman, President and CEO, commented: Id like to officially welcome our new reinsurance brokerage colleagues to the Gallagher family of professionals. The reinsurance portion of Gallagher now will be incredibly additive to what we are doing as a retailer, Mr. Gallagher said. 2,200 new colleagues and virtually everybody said yes, lets give this a go, said Gallagher. Get reinsurance news by email here. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website (Cookie Policy). Steve Evans Ltd. registered in England No. . Gallagher Res new Global CEO, James Kent, expanded on this, Like every business within the legacy Willis Re business, were very proud of the offering and the team that exists, and the ILS team is absolutely part of that. Prior to this, he held regional CEO roles in Continental Europe and Australasia. Even in areas where there appears to be a concentration such as Latin America and Marine, the two businesses match up really well in having very different client profiles. J. Patrick Gallagher. Or find and follow Reinsurance News on social media. We have much better data and analytics for our clients, well know whats going on at the very base of the capital management structure, and well be able to use that in the retail market.. What is collateralized (or collateralised) reinsurance? Willis had been due to sell Willis Re to Gallagher as. So, if we get those four things right, I feel that will underpin a business for the foreseeable future that will be very, very effective, said Kent. Held in Singapore, July 13th, 2023. I would like to thank John for his tremendous contribution to Willis Towers Watson, Carl Hess, the brokerages head of investment, risk and reinsurance, said in a statement. 07337195 The way were looking at this, is really a billion dollar startup, said Kent. We have 220,000+ readers every month & 19,000+ email subscribers. Spinnaker targets debut catastrophe bond, $100m Mountain Re Ltd. catastrophe bonds, insurance-linked securities, insurance & reinsurance linked investments, Get our free email newsletters for weekly summaries & reminders of stories you may have missed. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. We also publish Artemis.bm, the leading publisher of news, data and insight for the catastrophe bond, insurance-linked securities, reinsurance convergence, longevity risk transfer and weather risk management sectors.. Weve published and operated Artemis since its launch 20 years ago and have a readership of around 60,000 every month. 07337195 I will maintain my very strong ties and working relationships within North America, but having been part of the Willis Re global leadership team now for the past six years, my new role will enable me to further the already close relationships with my International and Specialty colleagues as we continue to build our client-focused business as part of Willis Towers Watson.. Alexis Faber is the Chief Operating Officer at WTW. It was announced in August that Gallagher had reached an agreement to acquire all of the treaty operations of Willis Re from its parent for an initial gross consideration of $3.25 billion. Our Standards: The Thomson Reuters Trust Principles. Gallagher Re will be led by James Kent as Global Reinsurance Chief Executive Officer (CEO), reporting to Tom Gallagher, who is Gallaghers CEO of Global Property & Casualty Brokerage. But I genuinely see the two businesses as very complementary, he added. Add the product lines knowledge to the expertise, strength and depth that Willis Re brings around the world and its a really exciting combination, said Kent. GR Main Edition 2022: Disrupting the Oligopoly, GR at SIRC 2019: Day 3 live & free to read, WTW employment scheme for adults with autism extended to UK. James Kent, Global CEO, Willis Re July 1, 2019 Improvements to reinsurance treaty terms and conditions are outstripped by more significant changes in primary markets . What are traditional, non-traditional or alternative reinsurance? Kent and his management team have significant work ahead of them that will make it hard for 2022 to. The data and analytics that well receive now for our clients, and how well use that data and analytics, it just makes us stronger across the spectrum. From January 2019 to December last year, Granholm reported earning at least $2 million, according to a financial disclosure she filed before becoming energy secretary. Kent immediately takes up his new role at Willis Re, working closely with global CEO John Cavanagh and global chairman Paddy Jago. I am incredibly proud to be leading Gallagher Re into its next phase of growth.. Top Global Insurance & Reinsurance Brokers, the UKs Competition and Markets Authority (CMA) ended its investigation, Tom Johansmeyer leaves PCS to join reinsurance broker Inver Re as Global Head of Index, Verisk launches XactXpert to automate, accelerate property claims estimates review, Reinsurance Association of America elects chair, vice chair of board. or call us at 1-888-994-5547. Gallagher has a long history of growing its retail operations through numerous small acquisitions. John has been instrumental in creating the reinsurance business we have today and will leave a strong legacy., Mr. Kent said in a statement that he was honored to have this opportunity to lead Willis Re., In succeeding John, Mr. Kent said, I look forward to further enhancing our proposition to help clients effectively manage their risk while building on the collaborative culture so integral to our proposition for both clients and colleagues.. All content copyright Steve Evans Ltd. 2021 All rights reserved. After several years leading the Willis Re Bermuda office, in 2010 Kent was appointed Willis Re North America president, and moved to New York to work alongside Willis Re North America chief executive Jim Bradshaw and Willis Re North America chairman Paddy Jago. The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. Willis Re global chief executive James Cavanagh described Kent as absolutely the right person to help further Willis Res global development. According to Celebrity Net Worth, "For the middle seasons of the show's run, Kevin's salary per episode on "The King of Queens" was $300,000. An average 36% of seven sample reinsurance placements of $500m or greater was placed with non-traditional reinsurance markets or using catastrophe bonds, There is not one person in this deal who is being asked to leave because we have an overlap. The deal . Get our free email newsletters for weekly summaries & reminders of stories you may have missed --. Ahead of this years RVS, Willis Re gobal chief executive John Cavanagh talked to Global Reinsurance about the WTW merger, disruption and the need to be proactive, Published by Newsquest Media Group Limited, registered in England & Wales with number 01676637 at Loudwater Mill, Station Road, High Wycombe HP10 9TY - a Gannett company, DWIC, 8 and 9 March 2023, Ritz Carlton DIFC, Dubai. Gallagher Re has strengths in many business lines, and whether thats mortgage, cyber, UK motor, PA or specialty lines, they are a really good fit with the existing Willis Re footprint. James J. Kent is a AL-03 under the administrative law judges payscale . With Arthur J. Gallaghers (AJG) acquisition of Willis Res treaty reinsurance operations now complete, resulting in a much larger Gallagher Re, senior executives told Reinsurance News that it feels like day one at a billion dollar startup. With the completion of its acquisition of the treaty reinsurance business of Willis Towers Watson, Arthur J. Gallagher and its reinsurance unit Gallagher Re has an opportunity to accelerate sales of insurance-linked securities (ILS), its senior executives told Artemis. To search for a combination of terms, use quotations and the & symbol. For example, hurricane & loss. "Thankfully strong capital growth in 2019 allied to judicious investment strategies by many companies has put the industry in a good position to weather the current volatile environment," he said. Together with Gallaghers existing reinsurance business, the combined operation will trade as Gallagher Re from over 70 offices across 31 countries and incorporate around 2,400 colleagues. 15 March 2023 AJ Gallagher has named global CEO of Gallagher Re James Kent to a new group role in which he will lead the broker's strategic relationships with its most important. He joined Willis Re in 2009 after spending 21 years at the Carvill Group, where he was joint CEO. Search California public, government employee, workers salaries, pensions and compensation. We have 220,000+ readers every month & 19,000+ email subscribers. This site, like many others, uses small files called cookies to ensure that we give you the best experience on our website. This field is for validation purposes and should be left unchanged. It was announced in August that Gallagher had reached an agreement to acquire all of the treaty operations of Willis Re from its parent for an initial gross consideration of $3.25 billion. Willis Re has promoted James Kent to the role of global deputy chief executive. Travelers reports lower profit on higher cat losses; price hikes continue, 5. We will look to accelerate that through Q1, with a structure announcement and management team announcement by the end of the quarter, said Kent. She joined WTW in 2003 and has held a number of senior leadership . Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 territories. Gallagher Re now has an exciting opportunity to evolve its reinsurance broking and ILS management offerings, to now incorporate the ability to structure and sell securities issuances. (Reporting by Gayathree Ganesan in Bengaluru). Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. | Source: As with any business, integration sounds very easy to say but youve got to put it into practice, and human beings are complex. Online since 1999, Artemis provides news, analysis & data on catastrophe bonds, insurance-linked securities & alternative reinsurance capital.. Theres no more talk of if, and whos going to come and whos not. Im talking to retailers every day about why they should be excited about this deal, the position that it puts us in and why that benefits the retail middle market client, he continued. That means the AJG group has already been quite active in ILS, but now with the assumption of the Willis Re Securities team and its expertise in structuring and selling ILS and catastrophe bond securities, as well as capital raising, the company now has a holistic ILS market offering. I am confident the combination will deliver tremendous value to our clients, our global brokerage and risk management teams, and our shareholders.. Of course, with any merger theres going to be integration and certain challenges that come with that. As our readers will be aware, AJG has completed an enormous amount of acquisitions since its inception in 1927, and while some will have been more challenging than others, Gallagher explained that theres minimal conflict with the Willis Re deal. Website Privacy & Cookies and Disclaimer. Website Privacy & Cookies and Disclaimer. This is not like that at all. What are industry loss warranties (ILWs)? And Im very proud of that. Whats happening with accumulations? The deal will also enhance Gallaghers insurance brokerage operations, said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher. ABOUT WILLIS REOne of the world's leading reinsurance brokers, Willis Re is known for its world-class analytics capabilities, which it combines with its reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. Consistent with the 1.1 and 1.4 renewals pressure on pricing especially on loss Or find and follow Reinsurance News on social media. Both Kent and Gallagher foresee numerous opportunities for the now much bigger Gallagher Re, including the mix of talent between the two organisations and also the way the businesses complement each other. While there are far fewer reinsurance brokerages operating, there will be opportunities for further acquisitions in that sector, Mr. Gallagher said. For the final seasons, he earned $400,000 per episode. Stay updated by joining our mailing list! Learn more at willistowerswatson.com. Of course, it still isn't going to be plain sailing for new Gallagher Re CEO James Kent. Willis Towers Watson Public Limited Company. Mr . Willis Towers Watson Public Limited Company This will limit your search to that combination of words. Inside P&C is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, Hubs valuation: A shiver passes through the private broking sector, CNA Q1 reserve charge linked to exited London PL book: CEO Robusto, Need to Know: AIG, Hub investment, Aon results, CinFins severe convective storm exposure led to high cat losses: CEO Johnston, Gain your competitive advantage with Inside P&C. For more information, visit willisre.com. Now the combination is finalised, Kent stressed that from day one, the focus has to be on taking the best of the culture of both organizations and bringing that and making it an even better culture on a combined basis. I see the management teams, certainly in the interactions that Ive had, as incredibly mature and focused on two things: our clients and our colleagues. November 28, 2016 12:42 ET The deal is not intended to create cost savings through significant numbers of layoffs as operations are combined, he said. Highest-paid insurance executives 2023, 2. Kent said: Willis Re is a fantastic business and I very much look forward to working more closely with Paddy, John and the rest of the Willis Re leadership team in a global capacity to take this business forward. As an executive producer and owner of a percentage of the show's backend equity, he has earned north of $50 million on syndication deals to date." I think when we look back on this in years to come well say that it was one of the greatest things that the organization ever did, both for our clients and for our people. Kent, who was previously co-president of Willis Re and president of Willis Re North America, took up the post with immediate effect. Her industry expertise spans more than 20 years in insurance and financial services. In November, the UKs Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. Mr. Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. One is about combining the best of the two businesses. James Kent, Global CEO, Willis Re January 1, 2020 . Munich Re Specialty names Sabrina Hart president, CEO, COPYRIGHT 2023 BUSINESS INSURANCE HOLDINGS, WTW hires from Aon for corporate risk and broking role, Hub secures additional private-equity investment, Travelers reports lower profit on higher cat losses; price hikes continue, Aon names managing director, public sector partnership, Munich Re Specialty names Sabrina Hart president, CEO. In his additional capacity as Global Deputy CEO, Kent will work closely with Global CEO, John Cavanagh, and Global Chairman, Paddy Jago, to lead global business production, client and market relationship management and to drive the businesss operations worldwide. The best way to contact us is through our online contact form which you can findhere. Highest-paid insurance executives 2023, 2. He was appointed to the additional role of Co-President, Willis Re, in August 2015. ESG investment in insurance-linked securities (ILS), Monte Carlo Reinsurance Rendezvous Archives, Mortgage insurance-linked notes transactions, UCITS Catastrophe Bond Funds assets under management, Pension funds investing in insurance-linked securities (ILS), Indenture Trustee, Paying Agent & Escrow Agent Services, Weather Risk Management, Insurance & Trading, Artemis Live Video interviews & content, List of Reinsurer Capital Markets Activities, Cat Bond, ILS, Reinsurance Reading For Beginners. aeonium arboreum medicinal uses, how to turn off safesearch on opera gx, how is wilks' lambda computed,