AJ Gallagher

Martin Ford joins the broker following a 26-year-stint at Gallagher Re, formerly Willis Re.

The senior retro/specialty broker spent 26 years at Willis Re, which was acquired by Gallagher in 2021.

Alexander will join after his competitive restrictions are up.

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.

The broker said that $100bn+ loss years have become the “new normal”.

Gallagher Re’s chief science officer warned that US SCS activity will keep rising.

Frontier’s employees, including director and co-founder Peter Brodsky and CEO Derek Winch, will remain in their current roles.

The broker’s half-year 2023 report said reinsurers’ RoE has surpassed the cost of capital for second year running.

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.

Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.

WTW is quietly sounding out market executives for a potential relaunch into reinsurance once its two-year non-compete agreement with Gallagher Re ends in December, this publication can reveal.

The loss tally comes in 39% above the average for the 21st century.