AJ Gallagher

Reinsurers began relaxing limits on US property exclusions, but the lack of new start-ups points towards stability amid a more orderly market, the broker forecast.

The broker said increased reinsurance costs had not been passed onto customers.

The broker said clients could save money, increase limits and buy extra coverage.

Hot and dry weather in the summer and fall is also a conditional factor.

Veiga joins from IRB Brazil, where he spent the last 19 years in a variety of underwriting and executive roles across several business lines.

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.