AJ Gallagher
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Eastern Insurance Group, a wholly owned subsidiary of Eastern Bankshares, is the third largest bank-affiliated insurance brokerage in the US, according to the company’s announcement. -
Most of the broker’s clients have incurred losses below or about equal to ceded premiums and only one with losses exceeding ceded premiums.
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The impact of the Hawaii wildfires on the wholesaler’s Q3 contingents is anticipated to be between $2mn to $4mn.
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The executive will move to the (re)insurer after almost two years at Gallagher Re, a company he joined after the acquisition of Willis Re in late 2021.
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The repercussions of the war between Russia and Ukraine continue to affect several countries, including Egypt and Somalia, as a result of grain-supply interruptions.
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The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.
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The appointment confirms this publication's report earlier this week that former Howden treaty specialists Posada and Ivan Monroy are joining Gallagher’s regional unit.
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The role was originally slated to be taken on by now retired James Kent, former CEO of Gallagher Re.
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The question of how to finance the private brokers no longer begins and ends with a PE flip.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.
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WTW is quietly sounding out market executives for a potential relaunch into reinsurance once its two-year non-compete agreement with Gallagher Re ends in December, this publication can reveal.
