AJ Gallagher
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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.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The unit almost doubled its organic growth rate from 11% in Q2, while in Q1 the division posted 12% organic growth.
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Excluding both pending acquisitions, Gallagher has around 45 term sheets signed or being prepared, representing more than $450mn of annualized revenue.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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Pat Gallagher, who previously held the role of president since 1990, has “no plans to retire” and will remain as chairman and CEO.
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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.
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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.
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The broker said that $100bn+ loss years have become the “new normal”.
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Looking to the key Q4 renewal period, Gallagher said there is “little to suggest a drastic shift in conditions”.
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The report also highlighted general liability policies as an area of potential exposure to insurers.
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