AJ Gallagher

Johnson will be responsible for producing new business for large casualty structured reinsurance solutions, as well as driving talent recruitment and retention in North America.

Capital markets are "likely to become a key ingredient of a healthier and sustainable (re)insurance market".

Gallagher Re is looking to increase its presence in the North American large-account space, where it is underweight compared with rivals.

The outgoing CEO will now retire from the company rather than taking up a group carrier relationship role.

Tom Wakefield will formally become CEO of Gallagher’s reinsurance broking unit on 1 June, reporting to EMEA CEO Simon Matson.

The Illinois-based intermediary paid $86.4mn in cash and recorded an earnout payable of $5.9mn, according to its Q1 10-Q.

Mega-round funding accounted for the smallest percentage of total funding since Q1 2020, according to Gallagher Re’s latest Global InsurTech Report.

Though strong growth continues, the future is less clear as driving forces potentially run out of steam.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.

Gallagher’s operating earnings per share soared 9.8% to $3.03 – beating analyst consensus of $2.99 earnings per share – in Q1.

Inside P&C’s morning summary of the key stories to get you up to speed fast.