The 6th Annual Dubai World Insurance Congress (DWIC) continues to reimagine the traditional conference. This is not a synergy play, this is an investment play, Mr. Gallagher said, noting that it is Gallaghers biggest acquisition to date. 1. Online since 1999, Artemis provides news, analysis & data on catastrophe bonds, insurance-linked securities & alternative reinsurance capital.. 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. Additional notes: Kent joined Willis Re in 2004 as Executive Vice President, Willis Re Bermuda, bringing more than 15 years experience producing and placing Property and Casualty treaty business across both London and Bermuda. He will remain based in New York. Whats happening with accumulations? According to Celebrity Net Worth, "For the middle seasons of the show's run, Kevin's salary per episode on "The King of Queens" was $300,000. Munich Re Specialty names Sabrina Hart president, CEO, COPYRIGHT 2023 BUSINESS INSURANCE HOLDINGS, WTW hires from Aon for corporate risk and broking role, Hub secures additional private-equity investment, Travelers reports lower profit on higher cat losses; price hikes continue, Aon names managing director, public sector partnership, Munich Re Specialty names Sabrina Hart president, CEO. He joined Willis Re in 2009 after spending 21 years at the Carvill Group, where he was joint CEO. 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." "The truth is, there's been a . Hub secures additional private-equity investment, 4. Stay updated by joining our mailing list! Following a successful tenure leading Willis Re's Bermuda office, in 2010, Kent was appointed President of Willis Re North America, moving to New York to work alongside Willis Re North America . Willis had been due to sell Willis Re to Gallagher as. I do see tuck-in acquisition opportunities, and were always interested in creative people joining the firm, he said. 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. In November, the UK's Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. What are industry loss warranties (ILWs)? 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. Tom Wakefield, a former Aon executive who was named CEO of Gallagher Re in June, will head Gallagher Res U.K. business and report to Mr. Kent and Simon Matson, CEO of Europe, the Middle East and Africa for Gallagher, Mr. Kent said. 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. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website (Cookie Policy). 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. Discover our wide range of surface material solutions with our sales team. Get in touch directly using our contact form. James Kent, Global CEO, Willis Re July 1, 2021 . (Reporting by Gayathree Ganesan in Bengaluru). With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 territories. If that can be developed into a fully-integrated offering, it will benefit the group and provide synergistic opportunities to bring ILS capital more closely to its reinsurance clients, as well as embed ILS risk transfer within its broader insurance and reinsurance market product-set. James Kent, Global CEO, Willis Re, said: "Reinsurance providers will be heartened by these results. If you are not familiar with these principles, here are some quick tips. We will look to accelerate that through Q1, with a structure announcement and management team announcement by the end of the quarter, said Kent. Secure your place at the event here! 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. Gallagher Re's new Global CEO, James Kent, expanded on this, "Like every business within the legacy Willis Re business, we're very proud of the offering and the team that exists, and the ILS . Mr. Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. And that includes attracting talent to the organization as well. Steve Evans Ltd. registered in England No. However, if you would like to, you can change your cookie settings at any time. While there are far fewer reinsurance brokerages operating, there will be opportunities for further acquisitions in that sector, Mr. Gallagher said. Kent, who was previously co-president of Willis Re and president of Willis Re North America, took up the post with immediate effect. The Gallagher CEO was speaking alongside new Gallagher Re CEO James Kent following the completion of the number-four broker's $3.25bn acquisition of Willis Re. 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. Travelers reports lower profit on higher cat losses; price hikes continue, 5. Well, it starts with exactly what James was talking about, the clients. Get reinsurance news by email here. Theres no winners and losers here. This field is for validation purposes and should be left unchanged. The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. One is about combining the best of the two businesses. In November, the UKs Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. Travelers reports lower profit on higher cat losses; price hikes continue, 5. Steve Evans Ltd. registered in England No. J. Patrick Gallagher, Jr., Chairman, President and CEO, commented: Id like to officially welcome our new reinsurance brokerage colleagues to the Gallagher family of professionals. 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.. 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. This will limit your search to that combination of words. 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 . 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. For the final seasons, he earned $400,000 per episode. You combine that leadership team and the team from Willis Re, and it is a one plus one equals five. The way were looking at this, is really a billion dollar startup, said Kent. Where are people taking larger retentions, and why? Register today for ILS Asia 2023, our next insurance-linked securities (ILS) market conference. 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 . 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. Alexis is accountable for supporting the company's short- and long-term success through oversight of operations, real estate and technology. Alexis Faber is the Chief Operating Officer at WTW. In the past seven years, Gallagher Re has established itself as the fifth largest reinsurance broker in the world. Send us a Message. Our Standards: The Thomson Reuters Trust Principles. And if thats right, then the investors are going to do extremely well. ESG investment in insurance-linked securities (ILS), Monte Carlo Reinsurance Rendezvous Archives, Mortgage insurance-linked notes transactions, UCITS Catastrophe Bond Funds assets under management, Pension funds investing in insurance-linked securities (ILS), Indenture Trustee, Paying Agent & Escrow Agent Services, Weather Risk Management, Insurance & Trading, Artemis Live Video interviews & content, List of Reinsurer Capital Markets Activities, Cat Bond, ILS, Reinsurance Reading For Beginners. In his additional capacity as Global Deputy CEO, Kent will work closely with Global CEO, John Cavanagh, and Global Chairman, Paddy Jago, to lead global business production, client and market relationship management and to drive the businesss operations worldwide. Willis Towers Watson Public Limited Company. 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. Or find and follow Reinsurance News on social media. Her industry expertise spans more than 20 years in insurance and financial services. Sign up today for your free Reader Account. 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. 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. Because that is what they had, they had a lot of choices down to the individual level, and for all of those new colleagues to say, yes, lets give it a go as Gallagher Re, I couldnt be prouder, said Gallagher. Learn more at willistowerswatson.com. 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.. Willis Re combines global expertise with on-the-ground presence and local understanding. 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 Kent immediately takes up his new role at Willis Re, working closely with global CEO John Cavanagh and global chairman Paddy Jago. Top Global Insurance & Reinsurance Brokers, the UKs Competition and Markets Authority (CMA) ended its investigation, 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. Its all about how do we take this thing forward as quickly as we can, said Gallagher. What is collateralized (or collateralised) reinsurance? Risk Strategies' acquisition expands benefits practice03-11-2021. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. The industry has endured several years of below-par performance, capped by the calamitous . Our unique perspective allows us to see the critical intersections between talent, assets and ideas the dynamic formula that drives business performance. . Kent, who is the units deputy global CEO, takes over after Cavanagh retires in December. 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. For more information, visit willisre.com. Combined with Gallagher's existing reinsurance operations, the business, trading as Gallagher Re, brings together more than 70 offices across 31 countries and 2,400 staff. Kent stressed that the company had been "humbled" by clients' response in a turbulent market. That means the AJG group has already been quite active in ILS, but now with the assumption of the Willis Re Securities team and its expertise in structuring and selling ILS and catastrophe bond securities, as well as capital raising, the company now has a holistic ILS market offering. So, if we get those four things right, I feel that will underpin a business for the foreseeable future that will be very, very effective, said Kent. But I genuinely see the two businesses as very complementary, he added. Kent, who was previously co-president of Willis Re and president of Willis Re North America, took up the post with immediate effect. Gallagher Res new Global CEO, James Kent, expanded on this, Like every business within the legacy Willis Re business, were very proud of the offering and the team that exists, and the ILS team is absolutely part of that. Kent and his management team have significant work ahead of them that will make it hard for 2022 to. Willis Re 1st View January 1, 2020 3 Property International Overview . Reach the largest reinsurance audience. 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. Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence. Gallagher Re has strengths in many business lines, and whether thats mortgage, cyber, UK motor, PA or specialty lines, they are a really good fit with the existing Willis Re footprint. As our readers will be aware, AJG has completed an enormous amount of acquisitions since its inception in 1927, and while some will have been more challenging than others, Gallagher explained that theres minimal conflict with the Willis Re deal. James J. Kent is a AL-03 under the administrative law judges payscale . Willis Towers Watson Public Limited Company. In 2021, James J. Kent was an Administrative Law Judge at the Social Security Administration in Lansing, Michigan. This field is for validation purposes and should be left unchanged. This site, like many others, uses small files called cookies to ensure that we give you the best experience on our website. There is not one person in this deal who is being asked to leave because we have an overlap. Reinsurance is at the heart of every retail clients need. 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. The third is bringing Gallagher Re to our global clients. Munich Re Specialty names Sabrina Hart president, CEO, COPYRIGHT 2023 BUSINESS INSURANCE HOLDINGS, WTW hires from Aon for corporate risk and broking role, Hub secures additional private-equity investment, Travelers reports lower profit on higher cat losses; price hikes continue, Aon names managing director, public sector partnership, Munich Re Specialty names Sabrina Hart president, CEO. We are bringing together highly complementary and well-respected reinsurance businesses to create a truly compelling unified reinsurance platform. I couldnt be more excited, he continued. This is not like that at all. Now theyve landed, the waiting period is over. This will limit your search to that combination of words. For example, workers compensation. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Receive alert notifications by email for every article from Artemis as it gets published. Search California public, government employee, workers salaries, pensions and compensation. All quotes delayed a minimum of 15 minutes. 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. Kent, who is the unit's deputy global. We will undertake an integration process now that the companies are together, Mr. Kent said in an interview. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. "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. 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. This field is for validation purposes and should be left unchanged. 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. To search for a combination of terms, use quotations and the & symbol. Steve Evans Ltd. registered in England No. Willis Re global chief executive James Cavanagh described Kent as absolutely the right person to help further Willis Res global development. 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. 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. As weve explained before, Gallagher already has specific ILS, catastrophe bond and collateralized reinsurance expertise in its broking teams and its insurance management unit Artex, which of course owns ILS leading facilitator Horseshoe. He was appointed to the additional role of Co-President, Willis Re, in August 2015. We also coverlife,weather riskandlongevity risk transfer. 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 . WTW hires from Aon for corporate risk and broking role, 3. To search for a combination of terms, use quotations and the & symbol. WTW hires from Aon for corporate risk and broking role, 3. The deal comprises Willis Towers Watsons treaty reinsurance business. 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. 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 . James Kent, (born July 31, 1763, Fredericksburgh, Putnam County, N.Y.died Dec. 12, 1847, New York City), jurist whose decisions and written commentaries shaped the inchoate common law in the formative years of the United States and also influenced jurisprudence in England and other common-law countries. Prior to the Willis Re acquisition, Gallagher Re was the worlds fifth-largest reinsurance brokerage. Both Kent and Gallagher foresee numerous opportunities for the now much bigger Gallagher Re, including the mix of talent between the two organisations and also the way the businesses complement each other. No further leadership changes have been announced, he said. The combined company has more than 70 offices across 31 countries and about 2,400 staff, a Gallagher statement said. 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. James Kent, Global CEO, Willis Re January 1, 2020 . 07337195 LONDON, Aug. 07, 2015 (GLOBE NEWSWIRE) -- Willis Re, the reinsurance division of Willis Group Holdings plc (NYSE:WSH), the global risk advisory, re/insurance broking, and human capital and. She joined WTW in 2003 and has held a number of senior leadership . I see the management teams, certainly in the interactions that Ive had, as incredibly mature and focused on two things: our clients and our colleagues. Get in touch directly using our contact form. Mr . 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. Of course, with any merger theres going to be integration and certain challenges that come with that. Read more about Artemis. Insurance Insider 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, Aon banked significant new treaty wins at 1.1 renewal, BP Marsh acquires 35% stake in Verve Risk Services, Q1 losses to drive Munich Re P&C Re CoR above consensus, AI, ChatGPT and the metaverse will accelerate future cyberattacks: Munich Re, Aon posts 7% Q1 organic growth as reinsurance accelerates, MGA Frontier to launch broker subsidiary with Michalowski-Cummings at the helm, Mapfre Q1 net profit down 17.4% at EUR127.6mn, Discover things you shouldn't even know yet.