Arthur J. Gallagher has completed the acquisition of Willis Towers Watson’s treaty reinsurance brokerage operations, the combined business of which will trade as Gallagher Re.
Gallagher Re is the reinsurance segment of the global insurance brokerage, risk management and consulting services firm.
Announced in August, the acquisition brings enhanced capabilities in catastrophe modelling, financial analysis, rating agency analysis and capital modelling to Gallagher Re to be administered to global insurance carriers and insurance capital providers.
Gallagher Re will receive around 2,400 colleagues from Willis Re from more than 70 offices across 31 countries.
The new incorporated business of Gallagher Re will be led by global reinsurance CEO James Kent, reporting to Tom Gallagher, CEO of global property and casualty brokerage.
Commenting on the acquisition, J. Patrick Gallagher, chairman, president and CEO, says: “I would like to officially welcome our new reinsurance brokerage colleagues to the Gallagher family of professionals. Together, we will build upon our shared focus of outstanding service, expertise and client-centric culture.”
“I am confident the combination will deliver tremendous value to our clients, our global brokerage and risk management teams, and our shareholders.”
Kent adds: “We are bringing together highly complementary and well-respected reinsurance businesses to create a truly compelling unified reinsurance platform. I am incredibly proud to be leading Gallagher Re into its next phase of growth.”
