AJ Gallagher

Liz Kim is joining Gallagher Re’s 40-plus-strong cyber team from Hiscox, where she has spent more than 12 years.

The broker urged cyber insurance buyers to factor in terms and conditions such as restrictive coverage and exclusionary language in sizing up their purchases, as rates climb higher.

With most M&A activity from 2020 pushed into 2021, capacity for M&A insurance began to dry up in around October, resulting in hard market conditions.

Rates are up modestly across the board but reinsurers are "under pressure" to improve profitability.

Negotiations were dragged out by decisions being referred for sign-off at senior levels.

Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.

The broker reiterated M&A’s importance during its quarterly investor day, and predicted favorable results for Q4 and 2022.

Off the back of pricing increases across nearly all lines, AJ Gallagher is seeing steady organic growth during the final quarter of 2021.

The state-backed carrier had contracted with Guy Carpenter as its reinsurance broker for 2021.

Inside P&C’S news team runs you quickly through the key developments from the last week.

Renewables specialist Stefan Szulc recruited from NFP to Gallagher’s help grow energy practice.

In an interview, the new Gallagher Re CEO noted that his former company had been weighed down by nearly two years of uncertainty, telling this publication: “That stops today.”