Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence. John has been instrumental in creating the reinsurance business we have today and will leave a strong legacy., Mr. Kent said in a statement that he was honored to have this opportunity to lead Willis Re., In succeeding John, Mr. Kent said, I look forward to further enhancing our proposition to help clients effectively manage their risk while building on the collaborative culture so integral to our proposition for both clients and colleagues.. James Kent, Willis Re's global CEO, said the analysis underlines the reinsurance industry's sensitivity to investment markets. It was announced in August that Gallagher had reached an agreement to acquire all of the treaty operations of Willis Re from its parent for an initial gross consideration of $3.25 billion. And that includes attracting talent to the organization as well. Or, email[emailprotected]with any questions, suggestions or advertising enquiries. As with any business, integration sounds very easy to say but youve got to put it into practice, and human beings are complex. Stay updated by joining our mailing list! Risk Strategies' acquisition expands benefits practice03-11-2021. said Friday that it has named Joe Peiser to succeed Matt Keeping as head of broking, North America, part of its corporate risk and broking segment. And the fourth is about talent; its about providing a platform where colleagues want to work, where they want to stay, where they see their long-term career aspirations. Arthur J. Gallagher & Co. on Wednesday completed its acquisition of Willis Re with a $3.25 billion payment that could rise to $4 billion depending on future revenue. Get a ticket soon to ensure you can attend. Online since 1999, Artemis provides news, analysis & data on catastrophe bonds, insurance-linked securities & alternative reinsurance capital.. Even in areas where there appears to be a concentration such as Latin America and Marine, the two businesses match up really well in having very different client profiles. Kent joined Willis Re in 2004 as Willis Re Bermuda executive vice president, bringing more than 15 years experience producing and placing property and casualty treaty business across both London and Bermuda. Global reinsurance capital increases 15% in 2019 James Kent to lead Gallagher Re as acquisition of Willis Re completes Our Leadership - WTW - Willis Towers Watson This field is for validation purposes and should be left unchanged. Kent explained that while theres been a ton of integration work on the operational side to bring these two entities together, the reinsurance business integration starts now. He is a well-respected leader within this business and has played a significant role in shaping Willis Re over the past decade, particularly in driving the growth of our Bermuda and North America operations.. Global re/insurance broker Arthur J. Gallagher & Co. has completed its previously announced acquisition of the treaty reinsurance operations of rival Willis Towers Watson (WTW). In November, the UK's Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Mr. Cavanagh has been CEO at Willis Re since 2012. We also publish Artemis.bm, the leading publisher of news, data and insight for the catastrophe bond, insurance-linked securities, reinsurance convergence, longevity risk transfer and weather risk management sectors.. Weve published and operated Artemis since its launch 20 years ago and have a readership of around 60,000 every month. All content copyright Steve Evans Ltd. 2021 All rights reserved. I think when we look back on this in years to come well say that it was one of the greatest things that the organization ever did, both for our clients and for our people. To search for a combination of terms, use quotations and the & symbol. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Website Privacy & Cookies and Disclaimer. Highest-paid insurance executives 2023, 2. In the past seven years, Gallagher Re has established itself as the fifth largest reinsurance broker in the world. Global reinsurance capital, profits, and ROE on the rise in Register today for ILS Asia 2023, our next insurance-linked securities (ILS) market conference. And if thats right, then the investors are going to do extremely well. Like everywhere else, we will be seeking to make investments in that business in talent to support what we have today and accelerate forward for tomorrow.. James Kent named Willis Re Global Deputy CEO To search specifically for more than one word, put the search term in quotation marks. Sign up today for your free Reader Account. You combine that leadership team and the team from Willis Re, and it is a one plus one equals five. Willis Re's analysis provides clear evidence of the strength and resilience of reinsurance market capacity. The deal will also enhance Gallaghers insurance brokerage operations, said J. Patrick Gallagher Jr., chairman, president and CEO of Gallagher. What are traditional, non-traditional or alternative reinsurance? Not only is John a recognized leader of the Willis Re business, he is also a leading figure in the global reinsurance industry. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. Gallagher Re now has an exciting opportunity to evolve its reinsurance broking and ILS management offerings, to now incorporate the ability to structure and sell securities issuances. We will undertake an integration process now that the companies are together, Mr. Kent said in an interview. I couldnt be more excited, he continued. Willis Re makes James Kent global deputy chief executive Willis Re, Willis Towers Watson P.L.C.s reinsurance business, said Thursday that James Kent will succeed global CEO John Cavanagh when he retires at the end of the December. Together with Gallaghers existing reinsurance business, the combined operation will trade as Gallagher Re from over 70 offices across 31 countries and incorporate around 2,400 colleagues. Kent, who is the units deputy global CEO, takes over after Cavanagh retires in December. Just one quarter in since the completion of the purchase of Willis Re by Gallagher, James talks to Mark Geoghegan about the prospects that new ownership and investment are going to deliver and why building a customer and market-facing ecosystem are fundamental. Under the terms of the deal, Gallagher paid Willis $3.25 billion and agreed to potentially pay an additional $750 million in 2025 based on the revenue of the acquired operations in 2024. Between 2012 and 2015, he served as the regional CEO of Willis Asia, based in Singapore, leading Willis' strategy in high-growth markets in the region. This field is for validation purposes and should be left unchanged. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 territories. Investment performance drives 7% growth in reinsurance capital in 2020 As an executive producer and owner of a percentage of the show's backend equity, he has earned north of $50 million on syndication deals to date." At a cost of $3.25 billion, the acquisition is no small investment for AJG, but as Gallagher explained, this is about more than just reinsurance and its expected that synergistic opportunities for Gallagher Re will emerge with other AJG units. Gallagher Re: It gets easier from here - Insurance Insider All quotes delayed a minimum of 15 minutes. "The truth is, there's been a . Steve Evans Ltd. registered in England No. . Of course, with any merger theres going to be integration and certain challenges that come with that. As James said, the best startup Ive ever seen in my 50 years in this business was Gallagher Re. The third is bringing Gallagher Re to our global clients. While it remains smaller than rivals Aon and Guy Carpenter & Co. LLC, a unit of Marsh & McLennan Cos. Inc., the three largest reinsurance brokers dwarf other reinsurance intermediaries in the market. AJ Gallagher completes $3.25bn Willis Re acquisition Im proud of the fact that this team basically chose to become part of Gallagher. The second is real and proper connectivity between our product and practice groups in our regions, so that youre delivering that knowledge and expertise right across the globe, irrespective of where it sits. 2011-2021 salaries for San Francisco | Transparent California Its really at the heart of everything that happens in this industry. To search for a combination of terms, use quotations and the & symbol. Gallagher has a long history of growing its retail operations through numerous small acquisitions. For group CEO Gallagher, this is another seminal moment for AJG. Or find and follow Reinsurance News on social media. 15 March 2023 AJ Gallagher has named global CEO of Gallagher Re James Kent to a new group role in which he will lead the broker's strategic relationships with its most important. Willis - Distributor of Corian, Lapitec, Fenix, Arpa, Kohler design Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. 36% of $500m+ reinsurance placements are non-traditional capital - ARTEMIS Expanding on Kents comments around talent, Gallagher commended the tremendous effort of the executive and leadership team of Willis Re through the entire organisation for being able to keep the team together. With the completion of its acquisition of the treaty reinsurance business of Willis Towers Watson, Arthur J. Gallagher and its reinsurance unit Gallagher Re has an opportunity to accelerate sales of insurance-linked securities (ILS), its senior executives told Artemis. Willis Towers Watson Public Limited Company. PDF Table of contents - Wtwco.com The data and analytics that well receive now for our clients, and how well use that data and analytics, it just makes us stronger across the spectrum. Mr . Its facultative reinsurance business, which is part of its retail brokerage operations, was not included. "Thankfully strong capital growth in 2019 allied to judicious investment strategies by many companies has put the industry in a good position to weather the current volatile environment," he said. What is collateralized (or collateralised) reinsurance? Cavanagh added: James is one of the most highly regarded executives in the industry and has a stellar track record of driving innovation and financial performance. Employee Profile of James J. Kent Administrative Law Judge - FederalPay Website Privacy & Cookies and Disclaimer. Willis Re Announces Senior Leadership Appointments - GlobeNewswire Get in touch directly using our contact form. Our unique perspective allows us to see the critical intersections between talent, assets and ideas the dynamic formula that drives business performance. We will look to accelerate that through Q1, with a structure announcement and management team announcement by the end of the quarter, said Kent. Where are people taking larger retentions, and why? A Celebration of 25 years of Insurance-Linked Securitisation through 25 Landmark Deals, Insured Natural Catastrophe & Man-Made Disaster Loss Reports, ART, Collateralized & Alternative Reinsurance Topics, Catastrophe Options & Catastrophe Derivatives, Microinsurance & Weather or Catastrophe Index-Insurance, Introduction To Weather Trading, Derivatives, Futures, Weather Risk Management For Utilities & Energy, Weather Derivatives, Weather Risk Pricing & Structuring, Global Property Catastrophe Rate-On-Line Index Guy Carpenter, U.S. Property Catastrophe Rate-On-Line Index Guy Carpenter, Regional Property Catastrophe Rate-On-Line Index Guy Carpenter, the acquisition of Willis Re was announced, Inver Re hires PCS Johansmeyer as Global Head of Index, Best of Artemis, week ending April 30th 2023, ILW funds defensive positioning for 2022 hurricane season paid off: CNR CEO, Heritage secures Citrus Re 2023-1 cat bond at upsized $235m. WILLIS TOWERS WATSON PLC Compensation by Company Data Year: 2021 2020 2019 2018 Select Other Years For its 2021 fiscal year, WILLIS TOWERS WATSON PLC, listed the following executives on its annual proxy statement to the SEC Equity Cash Compensation Other Fiscal Year Ended in 2021 Enter an executive or company name What are industry loss warranties (ILWs)? Get reinsurance news by email here. We also coverlife,weather riskandlongevity risk transfer. We are bringing together highly complementary and well-respected reinsurance businesses to create a truly compelling unified reinsurance platform. The hope is that these additions will immediately provide exceptional value to insurance carriers and insurance capital providers around the world. Willis had been due to sell Willis Re to Gallagher as. Travelers reports lower profit on higher cat losses; price hikes continue, 5. If you are not familiar with these principles, here are some quick tips. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Receive alert notifications by email for every article from Artemis as it gets published. Gallagher completes $3.25 billion Willis Re buy Gallagher struck a deal to acquire Willis Re for $3.25bn in August in the wake of the collapsed Aon-Willis Towers Watson merger. So, Gallagher had some investments in businesses that have an ILS association. Kent and his management team have significant work ahead of them that will make it hard for 2022 to. Here's How Much Energy Secretary Jennifer Granholm Is Worth - Forbes This site, like many others, uses small files called cookies to ensure that we give you the best experience on our website. November 28, 2016 12:42 ET James Kent appointed to lead Willis Re as global CEO In November, the UKs Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. All content copyright Steve Evans Ltd. 2021 All rights reserved. Hub secures additional private-equity investment, 4. The 6th Annual Dubai World Insurance Congress (DWIC) continues to reimagine the traditional conference. Wakefield will lead the business through to the integration with Willis Re, at which point Willis Re CEO James Kent is expected to take on the Gallagher Re leadership, with Wakefield. Willis Re combines global expertise with on-the-ground presence and local understanding. WTW hires from Aon for corporate risk and broking role, 3. This field is for validation purposes and should be left unchanged. While there are far fewer reinsurance brokerages operating, there will be opportunities for further acquisitions in that sector, Mr. Gallagher said. PDF January 1, 2020 - WTW Theres no more talk of if, and whos going to come and whos not. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. From January 2019 to December last year, Granholm reported earning at least $2 million, according to a financial disclosure she filed before becoming energy secretary. Get our free email newsletters for weekly summaries & reminders of stories you may have missed --. And Im very proud of that. Willis Re, Willis Towers Watson P.L.C.'s reinsurance business, said Thursday that James Kent will succeed global CEO John Cavanagh when he retires at the end of the December. Of course, it still isn't going to be plain sailing for new Gallagher Re CEO James Kent. Discover our wide range of surface material solutions with our sales team. The deal is not intended to create cost savings through significant numbers of layoffs as operations are combined, he said. James Kent, Global CEO, Willis Re January 1, 2020 . There is not one person in this deal who is being asked to leave because we have an overlap. LONDON, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Willis Re, the reinsurance business of leading global advisory, broking and solutions company Willis Towers Watson (NASDAQ:WLTW), today announced the promotion of James Kent Co-President of Willis Re and President of Willis Re North America to the position of Global Deputy CEO, Willis Re, with immediate effect. James J. Kent is a AL-03 under the administrative law judges payscale . Spinnaker targets debut catastrophe bond, $100m Mountain Re Ltd. catastrophe bonds, insurance-linked securities, insurance & reinsurance linked investments, Get our free email newsletters for weekly summaries & reminders of stories you may have missed. I think the key, and it really comes back to integration, is how do we best integrate that within the entirety of the Gallagher organization, and specifically Gallagher Re, to best serve our clients and make it most effective for our clients, in terms of new sales. Her industry expertise spans more than 20 years in insurance and financial services. AJ Gallagher has completed its acquisition of Willis Towers Watson's treaty reinsurance business. James Kent, Global CEO, Willis Re July 1, 2019 Improvements to reinsurance treaty terms and conditions are outstripped by more significant changes in primary markets . He will remain based in New York. 07337195. Top Global Insurance & Reinsurance Brokers, Tom Johansmeyer leaves PCS to join reinsurance broker Inver Re as Global Head of Index, Verisk launches XactXpert to automate, accelerate property claims estimates review, Reinsurance Association of America elects chair, vice chair of board. Inside P&C is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, Hubs valuation: A shiver passes through the private broking sector, CNA Q1 reserve charge linked to exited London PL book: CEO Robusto, Need to Know: AIG, Hub investment, Aon results, CinFins severe convective storm exposure led to high cat losses: CEO Johnston, Gain your competitive advantage with Inside P&C. Our primary focus is oncatastrophe bonds, insurance-linked securities,alternative reinsurance capital,insurance & reinsurance linked investments. This is not like that at all. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); The Head of Verisks Property Claim Services (PCS) business, Tom , Global data analytics and technology provider Verisk launched XactXpert, a , Reinsurance Association of America has elected Justin OKeefe chair, Jim . If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website (Cookie Policy). Kent pointed to Willis Re's record level of new business in 2020 and that it has hit a similar threshold in 2021, despite the ongoing uncertainty over its future. Steve Evans Ltd. registered in England No. Gallagher Re feels like a billion dollar startup with a tremendous opportunity: James Kent & Pat Gallagher 1st December 2021 - Author: Luke Gallin With Arthur J. Gallagher's (AJG) acquisition of Willis Re's treaty reinsurance operations now complete, resulting in a much larger Gallagher Re, senior executives told Reinsurance News that it . Ahead of this years RVS, Willis Re gobal chief executive John Cavanagh talked to Global Reinsurance about the WTW merger, disruption and the need to be proactive, Published by Newsquest Media Group Limited, registered in England & Wales with number 01676637 at Loudwater Mill, Station Road, High Wycombe HP10 9TY - a Gannett company, DWIC, 8 and 9 March 2023, Ritz Carlton DIFC, Dubai. BIs Article search uses Boolean search capabilities. Add to that the long-established global footprint and success of the Willis Re business, and its a really exciting combination. He will report to Tom Gallagher, Gallaghers CEO of global property & casualty brokerage. Prior to this, he held regional CEO roles in Continental Europe and Australasia. For example, workers compensation. Kent added: This combination marks a new chapter for two remarkable reinsurance broking teams as well as for our valued and extremely supportive clients and stakeholders. Transparent California Consistent with the 1.1 and 1.4 renewals pressure on pricing especially on loss What is life insurance securitization or life ILS? Im talking to retailers every day about why they should be excited about this deal, the position that it puts us in and why that benefits the retail middle market client, he continued. Since then, Kent's salary has increased to $183,300 in 2021. Tagged as: capital markets, Cat bond, Catastrophe bond, Collateralized reinsurance, ILS funds, Insurance linked securities, mergers & acquisitions, reinsurance, reinsurance broker, sidecar, third-party reinsurance capital, Receive a regular weekly email newsletter update containing all the top news stories, deals and event information. Whats happening with accumulations? It feels that here we are at day one, at a billion dollar startup with tremendous market goodwill, tremendous loyalty by both clients and our colleagues, and the opportunity to build on all of those good things.. I am incredibly proud to be leading Gallagher Re into its next phase of growth.. Secure your place at the event here! Together, we will build upon our shared focus of outstanding service, expertise and client-centric culture. Following a successful tenure leading Willis Res Bermuda office, in 2010, Kent was appointed President of Willis Re North America, moving to New York to work alongside Willis Re North America CEO, Jim Bradshaw, and Willis Re North America Chairman, Paddy Jago. Commenting on Kents promotion, John Cavanagh said: James is one of the most highly regarded executives in the industry and has a stellar track record of driving innovation and financial performance. 2,200 new colleagues and virtually everybody said yes, lets give this a go, said Gallagher. I do see tuck-in acquisition opportunities, and were always interested in creative people joining the firm, he said. Highest-paid insurance executives 2023, 2. During his time in Asia, he also spent 18 months in Shanghai, setting up Willis' China operation. No further leadership changes have been announced, he said. Willis Towers Watson Public Limited Company Speaking in an interview with Artemis just after the acquisition of Willis Re was announced, new Global CEO of Gallagher Re James Kent and AJG CEO Pat Gallagher, explained that the insurance-linked securities (ILS) business offering of Willis Re Securities is a key area of opportunity. The deal follows a turbulent seven-month period that saw Gallaghers original offer to buy Willis Re in May fall apart and later be modified and revived after Aon PLCs deal to buy Willis Towers Watson PLC was terminated in July in the face of regulatory opposition. Gallagher Re will be led by former Willis Re CEO James Kent as global reinsurance CEO. I am confident the combination will deliver tremendous value to our clients, our global brokerage and risk management teams, and our shareholders.. So, whats good about this is that the integration conversations arent about who wins and who loses, when sometimes thats the way integrations have to go. The best way to contact us is through our online contact form which you can findhere. But I genuinely see the two businesses as very complementary, he added. Willis Re 1st View July 1, 2021 3 Property Commentary by Territory Australia An orderly renewal with no material changes to wordings or conditions. Together, we unlock potential. Kent began working at the Social Security Administration in 2011 with a starting salary of $118,612. For more information, visit willisre.com. Now the combination is finalised, Kent stressed that from day one, the focus has to be on taking the best of the culture of both organizations and bringing that and making it an even better culture on a combined basis. Search California public, government employee, workers salaries, pensions and compensation. James Kent, global CEO of Willis Re, said the market "landscape has not seen much change" since January 1 and consequently the important April 1 renewals "saw more of the same between . Read more about Artemis. James Kent appointed to lead Willis Re as global CEO Steve Evans Ltd. registered in England No. ABOUT WILLIS TOWERS WATSONWillis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. But the point about the Willis Re team, it will be firmly embedded within the combined reinsurance businesses and I think theres a real opportunity for us to accelerate sales. 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