Gallagher Re plots growth path in ‘challenging’ market with new leaders

Global reinsurance broker  Gallagher Re ramped up its index-based capabilities and specialty business in Bermuda as it sees “huge value” and potential for growth and diversification beyond property cat on the island amidst “challenging” market conditions.

Alex McManus (pictured right) and Romain Kapfer (pictured left) have relocated to build out and lead index-based solutions and specialty business on the island.

McManus will lead index-based initiatives on the island working closely with Gallagher Securities, the insurance-linked securities (ILS) arm of Gallagher Re.

Gallagher Re said McManus’s appointment will enable industry loss warranty (ILW) and catastrophe bond capabilities to be available to the Bermudian business with greater access to index-based capacity.

McManus has extensive knowledge of the indexed space having been instrumental in growing Gallagher Re’s ILW offering. He has a breadth of experience across the direct, reinsurance and retrocession markets over the past 10 years in both London and North America, including at Artex Capital Solutions within the wider Gallagher group.

Kapfer’s appointment to lead Gallagher Re’s growing specialty business in Bermuda reflects the strategy to build out a team that complements the direction of travel and growing diversification within the Bermudian reinsurance market.

Gallagher Re said Kapfer is ideally positioned to assist in the continued development of specialty market on the island, assisting reinsurers as they look to pursue greater product diversification beyond property cat.

He most recently led on sales and strategy for the UK’s marine and energy division as executive director. He joined Gallagher Re as part of the Willis Re acquisition having led large international property & casualty programmes, and previously specialised in alternative risk transfer solutions. Kapfer has over 15 years’ experience across the London market and North American specialty treaty business.

Ben Radford (pictured center), head of Bermuda, Gallagher Re, said: “The Bermudian reinsurance market is intricate, exciting and one in which we see huge value and potential for growth.

“Having the expertise and experience of Romain and Alex in Bermuda speaks directly to our strategy of relevance – ensuring we have the right people on the island, with the right capabilities, for the right reasons. Individuals who can speak to multiple product disciplines and provide our clients with a product agnostic view of how best to access capital in a more capacity constrained marketplace is key to our approach.

“Clients and carriers alike in Bermuda tell us they want a more global, multi-class offering from brokers, one that not only has a deep understanding of specialisms but can connect business globally. Our ongoing investment is designed to deliver just that.”

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