AJ Gallagher
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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.
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Tom Wakefield will formally become CEO of Gallagher’s reinsurance broking unit on 1 June, reporting to EMEA CEO Simon Matson.
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The Illinois-based intermediary paid $86.4mn in cash and recorded an earnout payable of $5.9mn, according to its Q1 10-Q.
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Mega-round funding accounted for the smallest percentage of total funding since Q1 2020, according to Gallagher Re’s latest Global InsurTech Report.
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Though strong growth continues, the future is less clear as driving forces potentially run out of steam.
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The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.
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Gallagher’s operating earnings per share soared 9.8% to $3.03 – beating analyst consensus of $2.99 earnings per share – in Q1.
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Sources said the executive had a minority ownership interest believed to be around 20%-30% of the operation.
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GC’s Steve Housse and AJG’s James Elliott have resigned to join the challenger reinsurance broker.
