AJ Gallagher

Investors recalibrate their expectations for the segment as the soft market approaches.

The Insurance Insider US news team runs you through this week’s key agency M&A.

Paddy Jago was also chairman at Willis Re and North America CEO for P&C at Aon.

Quota share is less common in the medmal space, where layered and shared structures have been dominant.

The Insurance Insider US news team runs you through this week’s key agency M&A.

InsurTech funding was down 7.3% from $1.09bn in the prior quarter.

The deal would follow AJG’s regional acquisitions of THB Chile, Brazil’s Case or the Colombian retail book of Itau.

Success in the soft market will be had when careful preparation meets opportunity.

Tompkins Insurance is a subsidiary of Tompkins Financial Corporation.

The Insurance Insider US news team runs you through this week’s key agency M&A.

Gallagher said that the firm is ready to engage in large deals again after the acquisition of AP.

The Insurance Insider US news team runs you through the earnings results for the day.

A US landfall is not expected, but the storm could hit the Bahamas by Friday.

Sources said that the executive will join the reinsurance brokerage next year, after his garden leave expires.

Bonnet has spent more than four years at WTW in increasingly senior roles.

The Insurance Insider US news team runs you through this week’s key agency M&A.

The facility provides coverage for property, terrorism, energy, construction and utilities risks.

Though wildfire losses are up, total losses are the lowest since 2015.

Shared and layered accounts are seen as reaping the biggest benefits.

Insurer results and 1.1 reinsurance renewals will shape the trajectory of 2026.

As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.

The executive will officially start in mid-November.

Lockton Re has predicted major growth in the global cyber insurance market.

The deal’s benefits headlined AJG’s investor day presentation.

The practice group will enhance the company’s existing offerings in E&S.

The Insurance Insider US news team runs you through this week’s key agency M&A.

CEO Tom Wakefield said property cat supply is “materially outpacing demand”.

The completion is also good news for Marsh, Aon, WTW and other potential buyers in US retail.

The broker approved a grant of $316mn in equity awards payable in staggered amounts over the coming five years.

The Insurance Insider US news team runs you through this week’s key agency M&A.

More investment in early stage firms is an indicator of bullish market, says Gallagher’s Johnston.

Not everyone will emerge unscathed as brokers navigate the slow-growth environment.

The risk of cyber incidents that cause physical damage is also rising.

AJ Gallagher has responded to a request for additional information under the HSR filing.

The Insurance Insider US news team runs you through the earnings results for the day.

Brown & Brown fell 10% and Ryan Specialty 8% as investors digest the deteriorating outlook.

The executive left Lockton Re in June after almost six years.

The Insurance Insider US news team runs you through this week’s key agency M&A.

Succession, heavyweight M&A and expanding beyond its core will all test the broker.

The broker has emerged as the emphatic winner of the supercycle, but new tests are coming.

The US accounted for 92% of all global insured losses for the period.

Apax and Carlyle will continue to back the broker consolidator.

The broker’s fac reinsurance division will encompass around 70 staff, it is understood.

The soft market continued through H1 2025, especially on shared programs.

Cedants were able to “challenge the status quo” with aggregates back on the table, the broker said.

The broker built out Lockton Re’s US casualty and professional lines treaty book.

He joined RPS in 1999 after a year-long stint as regional manager of Executive Risk.

The Insurance Insider US news team runs you through this week’s key agency M&A.

The merger is on track to close in H2 2025, CEO Pat Gallagher said.

SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.

Sources suggested that the multiple could be as low as the 13x range as valuations reset.

Q1 was the ninth consecutive quarter of below-average deal volume.

The Insurance Insider US news team runs you through this week’s key agency M&A.

The firm also reported it paid $82.8mn for Brazilian brokerage Case Group.

The Insurance Insider US news team runs you through this week’s key agency M&A.

The Insurance Insider US news team runs you through the earnings results for the day.

SCS losses were also above average in Q1 due to “lingering” La Niña conditions.

Technical pricing is insufficient in some areas and inflation is biting into margins.

The deal had HSR approval and was waiting on approval from the UK.

The book of business comprises both personal and commercial lines.

Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.

The executive was most recently chief revenue officer at Aon.

The Insurance Insider US news team runs you through this week’s key agency M&A.

The Gallagher Re executive called on the market to “prepare to grow sustainably together”.

Overall market capacity increased by 5.3% year-on-year, the broker reported.

The March 13-16 storms would mark the first billion-dollar US SCS event of the year.

Gallagher already has HSR approval for the $1.2bn Woodruff Sawyer acquisition.

Dickerson has spent over three years at the reinsurance broker.

The company said it now expects the transaction to close in H2 2025.

Competition for specialty reinsurance talent remains high.

The California broker’s pro forma revenue for full year 2024 was $268mn.

Gallagher paid out $1.7bn in 2024, additional to its costs for AssuredPartners.

The broker attributed the drop to smaller average deal sizes over the quarter.

Company-specific strategies will play a vital role in sustaining growth in the current market.

AJ Gallagher expects to complete the $13.5bn acquisition of AssuredPartners in Q1.

The Insurance Insider US news team runs you through the earnings results for the day.

Bradley was construction team leader for US casualty at WTW.

The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.

The broker cautioned unresolved Russia-Ukraine claims remain a ‘Black Swan’

But forecasts of slowing growth in recent years have been too pessimistic – and uncertainty remains.

Supply generally exceeded demand and trading relationships were strong, CEO Tom Wakefield said.

Sonville’s hire was reported by Insurance Insider US last week.

Sources said the executive will join AJ Gallagher in a regional leadership position.

The pair will lead crisis management and financial lines, respectively.

Insight into the current state of the insurance M&A market, powered by the Insurance Insider US M&A Deal Tracker.

Some will play “pretend and extend”, but others will sell to strategics or take the steep climb to an IPO.

The deal is financially attractive, but risks diluting the jewel that is Gallagher’s US mid-market business.

The executive said the combined entity could execute 100-110 tuck-in M&A deals a year.

The deal represents a 14.3x Ebitda multiple and strengthens Gallagher’s mid-market position.

The deal dramatizes the jammed PE deals conveyor, with the playing field tilted towards strategics.

If the deal is finalized, it will represent the largest in the acquirer’s history.

The firm’s trajectory could, however, make it harder to meet guidance going forward.

Earlier this month this publication revealed that the brokerages were in advanced talks to secure a deal.

Sources said the brokers are in the final stages and could seal a deal in the next couple of weeks.

More broadly, the firm is looking at over 100 potential mergers in its pipeline, with ~$1.5bn acquired revenue.

The Insurance Insider US news team runs you through the earnings results for the day.

This publication revealed her departure from Guy Carpenter in August.

The above-average tally was driven by a high frequency of mid-sized events.

Paul spent five years at Gallagher Re in addition to 10 years at Guy Carpenter.

The Plane Talking report said the longevity of the ‘buyers’ market’ is in question.

In all, primary insurance renewal premiums have risen 6% so far in Q3.

Former Artex managing director Jasmine DeSilva will run the segment.

Francine is expected to make landfall in Louisiana tomorrow.

The executive was previously Guy Carpenter’s head of sales in New York.

The reported RoE stabilised at 19.6%.

Sources said that Guy Carpenter has promoted Jennifer Paretchan to succeed Mowery.

Debby should be a “very manageable” storm for the (re)insurance market, it said.

Annual InsurTech funding volume for H1 was $2.2bn, just below $2.3bn for H1 2023.

The broker said that rising reinsurance costs after the Baltimore Bridge collapse could put a brake on softening in 2025.

CFO Doug Howell said the company has invested around $700mn in M&A this year.

The Insurance Insider US news team runs you through the earnings results for the day.

Most recently, Richard Harries was CEO at Atrium Underwriters.

A quick roundup of today’s need-to-know news, including Chubb’s Q2 earnings call.

A quick round-up of today’s need-to-know news.

The executive will relocate to Peru and report to CCO Alejandro Revoredo.

Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.

The broker will work to support US client retention and business growth.

The broker said it did not anticipate a slew of new entrants, with the possible exception of casualty start-ups.

Carriers believe price and exposure adequacy is on the horizon.

A deal would mark Amwins’ second LatAm sale, after Lockton acquired THB Brazil last May.

The move is the latest in a series of top-level reshuffles at Gallagher.

She will report to Brian Flasinski, Gallagher Re’s new North America CEO.

His promotion to chief executive was announced in March.

Partington will now be leading Gallagher’s LatAm and Caribbean businesses.

AJ Gallagher had also shown an interest in acquiring the Australian retailer.

US SCS insured losses YTD already stood at around $12bn prior to these events.

This was Gallagher’s largest Q1 deal, followed by $66.6mn for Ericson Insurance.

Gallagher expects "little impact" from the FTC’s non-compete ban on the firm’s M&A strategy.

The Insurance Insider US news team runs you through the earnings results for the day.

US SCS accounted for nearly $11bn in global insured losses.

Insured loss for Q1 was 10% higher than the decadal average of $18bn.

The broker attributed increased capacity to improving profitability.

The market remains “delicately balanced” amid global conflicts and claims deterioration.

Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.

Negotiations around US casualty and financial lines were more stressed.

There is more capacity in the market for long-term risks.

Concerns around casualty rate adequacy are growing, the executive said.

The talks are advanced, and the process is likely to move rapidly.

Driscoll and Lubert have been promoted to presidents.

Insurance Insider US examines public brokers’ 2023 M&A.

The vulnerability updates are the biggest driver of loss changes.

The 1 January treaty renewal was “far more orderly”.

The recruits join from Ardonagh, Guy Carpenter, Howden and Miller.

According to its 2023 10-K, Gallagher spent $3.74bn on M&A activity.

The probe concluded in Q4 last year, according to Gallagher’s 10-K.

Justin Ward will lead the firm’s production efforts in the expanding MGA market.

Tom Wafer will retire later this year.

Funding dropped from $8bn in 2022 to $4.5bn in 2023, a 43.7% decrease.

In Q3, RPS recorded 7% organic growth, marking a deceleration from 10% in Q2 and 8% in Q1.

The Insurance Insider US news team runs you through the earnings results for the day.

A deal would mark Amwins’ second LatAm sale, after this publication revealed that Lockton acquired THB Brazil last May.

2023 was the fourth consecutive year insured cat losses surpassed $100bn.

Based in Brazil, the executive also has prior experience at Liberty Seguros, where he was regional manager, and Chubb, where he was LatAm surety underwriting manager.

This follows a challenging period for business last year.

The new team is one of several the broker has set up in the past 18 months.

Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.

The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.

Kevin Doyle joined RPS over five years ago as VP for the Western region, and in 2021 he was promoted to P&C Chicago area president.

The Insurance Insider US news team runs you through some of the key M&A intelligence from the past week.

Hansen’s role will be effective after a transition period with departing COO Chris Brook.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

The broker said dynamics were dependent on full-year results, after years of poor returns.

The senior retro/specialty broker spent 26 years at Willis Re, which was acquired by Gallagher in 2021.

Broker and commercial carrier trends separate as inflation slows but rates stay elevated.

The transaction follows the acquisition of Candence Insurance for over $900mn and Eastern Insurance for $510mn.

Increased private investments by (re)insurers have been a “theme of the year” according to Johnston, who described the year as “one of consistency.”

The economic losses from the event are expected to exceed $10bn, the report added.

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

The unit almost doubled its organic growth rate from 11% in Q2, while in Q1 the division posted 12% organic growth.

Excluding both pending acquisitions, Gallagher has around 45 term sheets signed or being prepared, representing more than $450mn of annualized revenue.

AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year

Pat Gallagher, who previously held the role of president since 1990, has “no plans to retire” and will remain as chairman and CEO.

The agreement comes a month after Inside P&C revealed that the Southern bank had retained Morgan Stanley to run a sale process of its insurance business.

Climate change is causing an upward trend in losses, but it should not be conflated with the impact of seasonal variability, according to Gallagher Re.

The broker said that $100bn+ loss years have become the “new normal”.

Looking to the key Q4 renewal period, Gallagher said there is “little to suggest a drastic shift in conditions”.

The report also highlighted general liability policies as an area of potential exposure to insurers.

Gallagher Re’s chief science officer warned that US SCS activity will keep rising.

He will be responsible for oversight of all aspects of the practice and leading the firm's growth in the market.

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

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.

The impact of the Hawaii wildfires on the wholesaler’s Q3 contingents is anticipated to be between $2mn to $4mn.

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.

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.

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.

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.

The role was originally slated to be taken on by now retired James Kent, former CEO of Gallagher Re.

The question of how to finance the private brokers no longer begins and ends with a PE flip.

Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.

Differences in business mix and definitions yield differing trajectories for brokers, but in the absence of a recession, we may see continued margin improvement.

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.

Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.

The Inside P&C news team runs you through the earnings results for the day.

The loss tally comes in 39% above the average for the 21st century.

The aviation war segment is also proving ‘treacherous’ to buyers, according to the latest Plane Talking report.

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.

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.

Sources said the executive had a minority ownership interest believed to be around 20%-30% of the operation.

GC’s Steve Housse and AJG’s James Elliott have resigned to join the challenger reinsurance broker.

In the first quarter of the year, the total global economic loss for all natural hazards was estimated at $77bn.

EMEA CEO Simon Matson said the company will announce “the optimum structure for this part of Gallagher” once it is finalized.

Bart Zanelli will work within Gallagher Securities, specialising in capital raising and M&A.

Inside P&C’s news team runs you through the key highlights of the week.

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

Incoming Gallagher Re CEO Tom Wakefield will also report to EMEA CEO Matson, who gets an expanded role.

Global reinsurers also reported a slight deterioration of their combined ratios in 2022, with the average for the year being 95.7% compared with 94.7% in 2021.

Inside P&C takes a deep dive into public brokers’ M&A activity in 2022 as Q4 earnings season comes to an end.

The specialty leader had worked at recent acquisition Willis Re since 1998.

The company is “not seeing any meaningful economic slowdown” within its data.

The executive will be charged with unifying carrier engagement and bringing together Gallagher’s offerings.

The appointments aim to provide clients with a product-agnostic view on accessing capital in a capacity-constrained market.

The acquisitive broker booked $35.6mn of cash paid in the deal, along with a $106.9mn earnout payable, according to its 2022 10-K filed today with the SEC.

Based in Stamford, Connecticut, she will work to align Gallagher Re’s extensive resources with the needs of MGAs.

For InsurTechs, the most significant feature of 2022 is that the narrative around ‘disruption’ seems to be “truly over”, Gallagher Re said.

The intermediary tallied $360bn in economic losses worldwide.

Need to Know

The CEO also heralded the group’s “best full-year brokerage segment organic performance in decades”, with a figure of 9.7%.

Gallagher’s adjusted earnings per share climbed 18.5% to $1.54, beating analysts’ consensus of $1.49 earnings per share in Q4.

Aviation insurers are still facing uncertainty moving into 2023, with a slew of legal cases, and large losses from the previous quarters looming above them.

Claims were widespread in the class of business during 2022, with almost all areas warranted claimed against.

Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.

The executive said many reinsurers have secured the pricing and terms necessary to cover their cost of capital.

Political violence renewals have been especially demanding, the broker said.

The broker said a dearth of IPOs had created a “buoyant environment”, with both start-ups and incumbents competing.