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. 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. 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. J. Patrick Gallagher. 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. 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. View all state and local government entities 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. 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. I couldnt be more excited, he continued. 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 . Since then, Kent's salary has increased to $183,300 in 2021. This is not like that at all. We have 220,000+ readers every month & 19,000+ email subscribers. 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.. Gallagher struck a deal to acquire Willis Re for $3.25bn in August in the wake of the collapsed Aon-Willis Towers Watson merger. 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. James Kent to lead Gallagher Re as acquisition of Willis Re completes 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. Stay updated by joining our mailing list! Willis - Distributor of Corian, Lapitec, Fenix, Arpa, Kohler design The combined company has more than 70 offices across 31 countries and about 2,400 staff, a Gallagher statement said. Talk to a Willis team member today. Mr . Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence. Its really at the heart of everything that happens in this industry. 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.. Kent, who is the unit's deputy global. So, Gallagher had some investments in businesses that have an ILS association. 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. Of course, with any merger theres going to be integration and certain challenges that come with that. 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. 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). 2,200 new colleagues and virtually everybody said yes, lets give this a go, said Gallagher. Kent stressed that the company had been "humbled" by clients' response in a turbulent market. To search for a combination of terms, use quotations and the & symbol. PDF Willis Re 1st View - Wtwco.com He will help in leading global business production, client. Willis Re names global deputy CEO | Insurance Business UK However, if you would like to, you can change your cookie settings at any time. Prior to the Willis Re acquisition, Gallagher Re was the worlds fifth-largest reinsurance brokerage. Secure your place at the event here! 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. The deal is not intended to create cost savings through significant numbers of layoffs as operations are combined, he said. 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. This field is for validation purposes and should be left unchanged. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. 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 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 . Not only is John a recognized leader of the Willis Re business, he is also a leading figure in the global reinsurance industry. Prior to this, he held regional CEO roles in Continental Europe and Australasia. For example, hurricane & loss. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Receive alert notifications by email for every article from Artemis as it gets published. For example, workers compensation. 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. What are insurance-linked securities (or ILS)? BIs Article search uses Boolean search capabilities. July 6 (Reuters) - Willis Re, the reinsurance business of Willis Towers Watson Plc, named James Kent chief executive, succeeding John Cavanagh. 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. If you are not familiar with these principles, here are some quick tips. 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. 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.. Or find and follow Reinsurance News on social media. Kent immediately takes up his new role at Willis Re, working closely with global CEO John Cavanagh and global chairman Paddy Jago. Wakefield confirmed as CEO of Gallagher Re prior to Willis Re merger James Kent, Global CEO, Willis Re, said: "Reinsurance providers will be heartened by these results. Willis had been due to sell Willis Re to Gallagher as. The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. For the final seasons, he earned $400,000 per episode. As with any business, integration sounds very easy to say but youve got to put it into practice, and human beings are complex. The best way to contact us is through our online contact form which you can findhere. As James said, the best startup Ive ever seen in my 50 years in this business was Gallagher Re. AJ Gallagher completes $3.25bn Willis Re acquisition James Kent appointed to lead Willis Re as global CEO We have much better data and analytics for our clients, well know whats going on at the very base of the capital management structure, and well be able to use that in the retail market.. "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 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. Willis Re Announces Senior Leadership Appointments - GlobeNewswire A long-standing member of Willis Res global leadership team, Kent will retain his role as President of Willis Re North America and continue to work in New York alongside Willis Re North America CEO, Jim Bradshaw, to drive sales and growth efforts, produce business and maintain market and client relationships in the region, which has seen 50 percent market share growth over the past five years and now represents Willis Res largest business segment. Highest-paid insurance executives 2023, 2. Willis Re has promoted James Kent to the role of global deputy chief executive. 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. Together, we will build upon our shared focus of outstanding service, expertise and client-centric culture. Kent and his management team have significant work ahead of them that will make it hard for 2022 to. James Kent. Only email is mandatory, but the more you tell us about yourself the better we can serve you in future. Gallagher Re: It gets easier from here - Insurance Insider 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 . 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. 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. As chancellor of the New York Court of Chancery (1814-23), he is said to have made . What are industry loss warranties (ILWs)? Discover our wide range of surface material solutions with our sales team. 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.. In November, the UKs Competition and Markets Authority (CMA) ended its investigation into and cleared the planned acquisition, which has now completed. Get our free email newsletters for weekly summaries & reminders of stories you may have missed --. This will limit your search to that combination of words. See here for a complete list of exchanges and delays. Website Privacy & Cookies and Disclaimer. Theres no more talk of if, and whos going to come and whos not. James Kent, Global CEO, Willis Re July 1, 2021 . Reach the largest reinsurance audience. 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. Kent began working at the Social Security Administration in 2011 with a starting salary of $118,612. We will look to roll that out through Q1, and by the end of Q1 well have a combined structure and management team in place.. Here's How Much Energy Secretary Jennifer Granholm Is Worth - Forbes 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. 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. Mr. Cavanagh has been CEO at Willis Re since 2012. Willis Re's analysis provides clear evidence of the strength and resilience of reinsurance market capacity. Get a ticket soon to ensure you can attend. Register today for ILS Asia 2023, our next insurance-linked securities (ILS) market conference. Gallagher Re will be led by former Willis Re CEO James Kent as global reinsurance CEO. Global reinsurance capital increases 15% in 2019 James Kent named Willis Re Global Deputy CEO Together, we unlock potential. GR Main Edition 2022: Disrupting the Oligopoly, GR at SIRC 2019: Day 3 live & free to read, WTW employment scheme for adults with autism extended to UK. 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. You combine that leadership team and the team from Willis Re, and it is a one plus one equals five. He will report to Tom Gallagher, Gallaghers CEO of global property & casualty brokerage. 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. or call us at 1-888-994-5547. 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. 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. The deal . 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. AJ Gallagher has completed its acquisition of Willis Towers Watson's treaty reinsurance business. Willis Re passed final staffing test 'with flying colors': Kent During his time in Asia, he also spent 18 months in Shanghai, setting up Willis' China operation. PDF Table of contents - Wtwco.com Home / Cities / San Francisco 2011-2021 salaries for San Francisco 438,057 employee records found - Page 1 of 8,762 Subscribe to this agency . BIs Article search uses Boolean search capabilities. James J. Kent is a AL-03 under the administrative law judges payscale . James Kent, Willis Re's global CEO, said the analysis underlines the reinsurance industry's sensitivity to investment markets. For example, workers compensation. Mr. Kent joined Willis Re in 2004 and has served as the global deputy CEO since December 2016. 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. 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. With Arthur J. Gallaghers (AJG) acquisition of Willis Res treaty reinsurance operations now complete, resulting in a much larger Gallagher Re, senior executives told Reinsurance News that it feels like day one at a billion dollar startup. 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. Steve Evans Ltd. registered in England No. Gallagher completes $3.25 billion Willis Re buy Willis Towers Watson names North American broking head, Former Willis chief Casserley joins private equity firm, Willis Towers Watson builds new global broking leadership team, 1. Its not just reinsurance. Willis Re has promoted James Kent to the role of global deputy chief executive. 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. "The truth is, there's been a . Gallagher Re will be led by James Kent as Global Reinsurance Chief Executive Officer (CEO), reporting to Tom Gallagher, who is Gallaghers CEO of Global Property & Casualty Brokerage. The third is bringing Gallagher Re to our global clients. Gallagher Re feels like a billion dollar startup with a tremendous 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. This will limit your search to that combination of words. Read more about Artemis. James Kent appointed to lead Willis Re as global CEO 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. Our Standards: The Thomson Reuters Trust Principles. Aon names managing director, public sector partnership, 6. 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. Hub secures additional private-equity investment, 4. Our Leadership - WTW - Willis Towers Watson 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. Add the product lines knowledge to the expertise, strength and depth that Willis Re brings around the world and its a really exciting combination, said Kent.