Broker makes first foray back into reinsurance following sale of Gallagher Re

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AJ Gallagher has swooped for London-based reinsurance broker Execution Re in its first return to reinsurance since selling Gallagher Re to Aon in 2008.

The firm, whose parent is Banco Espirito Santo, will become part of Gallagher International and will be led by Neil Strong and Matt Fitzgerald.

Execution’s existing and discontinued business will transfer over to Gallagher under the terms of the deal, it is understood.

Execution, which will trade as representative of Gallagher, specialises in products and services such as industry loss warranties, catastrophe bonds, surplus/capital relief treaties, quota shares and mergers and acquisitions.

Espirito acquired Execution’s parent UK investment bank Execution Noble in 2010.

Gallagher sold loss-making Gallagher Re to Aon for $40m despite a big investment which included the hiring of a senior management team from Benfield Group.