Aon names managing director, public sector partnership, 6. They dont know it, but theyre not going to trade with the major carriers around the world without good reinsurance capabilities. 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. James J. Kent is a AL-03 under the administrative law judges payscale . Under John Cavanagh, Paddy Jago and the rest of the Willis Re leadership team, Willis Res development as a highly collaborative and client-focused business within the investment, risk and reinsurance arena continues to set it apart in the marketplace.. AJG's Kent to hand reins to Wakefield as he takes on group carrier | Source: Speaking in an interview with Artemis just after the acquisition of Willis Re was announced, new Global CEO of Gallagher Re James Kent and AJG CEO Pat Gallagher, explained that the insurance-linked securities (ILS) business offering of Willis Re Securities is a key area of opportunity. Wheres the profitability? Secure your place at the event here! Kent stressed that the company had been "humbled" by clients' response in a turbulent market. The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. Gallagher Re will be led by former Willis Re CEO James Kent as global reinsurance CEO. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Gallagher struck a deal to acquire Willis Re for $3.25bn in August in the wake of the collapsed Aon-Willis Towers Watson merger. 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. James Kent, Global CEO, Willis Re, said: "Reinsurance providers will be heartened by these results. Steve Evans Ltd. registered in England No. or call us at 1-888-994-5547. Prior to the Willis Re acquisition, Gallagher Re was the worlds fifth-largest reinsurance brokerage. Here's How Much Energy Secretary Jennifer Granholm Is Worth - Forbes You combine that leadership team and the team from Willis Re, and it is a one plus one equals five. James Kent, (born July 31, 1763, Fredericksburgh, Putnam County, N.Y.died Dec. 12, 1847, New York City), jurist whose decisions and written commentaries shaped the inchoate common law in the formative years of the United States and also influenced jurisprudence in England and other common-law countries. We are bringing together highly complementary and well-respected reinsurance businesses to create a truly compelling unified reinsurance platform. The deal follows a turbulent seven-month period that saw Gallaghers original offer to buy Willis Re in May fall apart and later be modified and revived after Aon PLCs deal to buy Willis Towers Watson PLC was terminated in July in the face of regulatory opposition. Willis Re combines global expertise with on-the-ground presence and local understanding. 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. Transparent California 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. March 15, 2023 James Kent (L) and Tom Wakefield (R) 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 (re)insurance partners, with Tom Wakefield set to succeed him in his current role. One is about combining the best of the two businesses. 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. 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. 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.. 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. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Employee Profile of James J. Kent Administrative Law Judge - FederalPay This is not like that at all. 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. Expanding on Kents comments around talent, Gallagher commended the tremendous effort of the executive and leadership team of Willis Re through the entire organisation for being able to keep the team together. MOVES-Willis Re names James Kent CEO | Reuters Kent pointed to Willis Re's record level of new business in 2020 and that it has hit a similar threshold in 2021, despite the ongoing uncertainty over its future. Send us a Message. Commenting on Kents promotion, John Cavanagh said: 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 Re has promoted James Kent to the role of global deputy chief executive. November 28, 2016 12:42 ET Not only is John a recognized leader of the Willis Re business, he is also a leading figure in the global reinsurance industry. View all state and local government entities 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. We will look to roll that out through Q1, and by the end of Q1 well have a combined structure and management team in place.. 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. This site, like many others, uses small files called cookies to ensure that we give you the best experience on our website. Kent will retain his role as Willis Re North America president and will continue to work in New York alongside Jim Bradshaw. Consistent with the 1.1 and 1.4 renewals pressure on pricing especially on loss Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence. Willis Towers Watson Public Limited Company. Discover our wide range of surface material solutions with our sales team. Website Privacy & Cookies and Disclaimer. AJ Gallagher has completed its acquisition of Willis Towers Watson's treaty reinsurance business. I think the key, and it really comes back to integration, is how do we best integrate that within the entirety of the Gallagher organization, and specifically Gallagher Re, to best serve our clients and make it most effective for our clients, in terms of new sales. Where are people taking larger retentions, and why? Wakefield will lead the business through to the integration with Willis Re, at which point Willis Re CEO James Kent is expected to take on the Gallagher Re leadership, with Wakefield. Kent joined Willis Re in 2004 as Willis Re Bermuda executive vice president, bringing more than 15 . Hub secures additional private-equity investment, 4. All content copyright Steve Evans Ltd. 2021 All rights reserved. (Reporting by Gayathree Ganesan in Bengaluru). Of course, it still isn't going to be plain sailing for new Gallagher Re CEO James Kent. 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. What is life insurance securitization or life ILS? 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. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Receive alert notifications by email for every article from Artemis as it gets published. Just one quarter in since the completion of the purchase of Willis Re by Gallagher, James talks to Mark Geoghegan about the prospects that new ownership and investment are going to deliver and why building a customer and market-facing ecosystem are fundamental. The deal . James Kent, Willis Re's global CEO, said the analysis underlines the reinsurance industry's sensitivity to investment markets. 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. 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. And as long as that remains, we are going to get there in terms of a really, really strong integration process and bringing out whats best again for those two constituents, our clients and our colleagues.. Willis Towers Watson P.L.C. Travelers reports lower profit on higher cat losses; price hikes continue, 5. Alexis Faber is the Chief Operating Officer at WTW. While it remains smaller than rivals Aon and Guy Carpenter & Co. LLC, a unit of Marsh & McLennan Cos. Inc., the three largest reinsurance brokers dwarf other reinsurance intermediaries in the market. So, whats good about this is that the integration conversations arent about who wins and who loses, when sometimes thats the way integrations have to go. We have 220,000+ readers every month & 19,000+ email subscribers. This is according to AJG Chairman, President and CEO Pat Gallagher and James Kent, the new Global Chief Executive Officer (CEO) of Gallagher Re, who spoke with Reinsurance News about the successful acquisition and what this means going forwards. Register today for ILS Asia 2023, our next insurance-linked securities (ILS) market conference. James Kent, global chief executive officer at Willis Re, said: "Such a solid development of the global reinsurance industry's capital base would hardly have been expected earlier last year, as the COVID pandemic was gathering pace. James Kent, Global CEO, Willis Re July 1, 2021 . And Im very proud of that. Looking further ahead, he highlighted four themes that will underpin the integration process that Gallagher Re goes through. The third is bringing Gallagher Re to our global clients. 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. Insurance Insider 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, Aon banked significant new treaty wins at 1.1 renewal, BP Marsh acquires 35% stake in Verve Risk Services, Q1 losses to drive Munich Re P&C Re CoR above consensus, AI, ChatGPT and the metaverse will accelerate future cyberattacks: Munich Re, Aon posts 7% Q1 organic growth as reinsurance accelerates, MGA Frontier to launch broker subsidiary with Michalowski-Cummings at the helm, Mapfre Q1 net profit down 17.4% at EUR127.6mn, Discover things you shouldn't even know yet. Or find and follow Reinsurance News on social media. Additional notes: Kent joined Willis Re in 2004 as Executive Vice President, Willis Re Bermuda, bringing more than 15 years experience producing and placing Property and Casualty treaty business across both London and Bermuda. Reach the largest reinsurance audience. Read more about Artemis. 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. Wakefield confirmed as CEO of Gallagher Re prior to Willis Re merger
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