AJ Gallagher
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The new recruit has worked for Argo, Allianz and the European Space Agency. -
he broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.
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The issuance comes as the state organisation faces possible gaps in reinsurance cover.
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The ILS platform was transferred to Gallagher Re when it bought Willis Re last year.
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Cyber reinsurance premiums may exceed those of property cat by 2040.
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In his new role, Alex Ntelekos will be responsible for supporting the growth of Gallagher Re’s public-private initiatives across the region.
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Hvidsten had worked at Willis Re since 1997, before it was bought by Gallagher, and will continue to serve as a consultant to the firm.
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Property cat rate increases this January were double those of last year and the highest since 2014.
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.
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The watchdog had been due to announce a decision on a further inquiry by 29 November.
