AJ Gallagher
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Insured loss for Q1 was 10% higher than the decadal average of $18bn.
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Retained earnings resulting from reduced loss activity also helped to boost ILS capital.
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Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.
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This came as the broker earmarked “material softening” of minimum traditional rates on line.
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Driscoll and Lubert have been promoted to presidents.
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The vulnerability updates are the biggest driver of loss changes.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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The deal was brokered by Gallagher Re and provides US cyber insurance event protection.
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The head of the ILS international team at Gallagher Securities Europe expects ILS issuance in the region to grow following rises in the European Central Bank rate.
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Broker-dealers' year-ahead forecasts have undershot total final issuance in three of the last five years.
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The firm’s reinsurance leader said over-subscriptions on cat reinsurance programmes have been driven by a psychological shift.
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The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.
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Artex hopes the rebrand will bring greater efficiency and a higher level of service to clients
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Martin Ford joins the broker following a 26-year-stint at Gallagher Re, formerly Willis Re.
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The senior retro/specialty broker spent 26 years at Willis Re, which was acquired by Gallagher in 2021.
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Alexander will join after his competitive restrictions are up.
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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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Gallagher Re’s chief science officer warned that US SCS activity will keep rising.
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Frontier’s employees, including director and co-founder Peter Brodsky and CEO Derek Winch, will remain in their current roles.
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The broker’s half-year 2023 report said reinsurers’ RoE has surpassed the cost of capital for second year running.
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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.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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