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Reinsurance intermediary Guy Carpenter & Co. L.L.C. on Wednesday said it has named Tony Gallagher CEO of the Asia-Pacific region, while Richard Jones has been promoted to chairman of Asia-Pacific.
Mr. Gallagher replaces James Nash, according to a company spokesperson.
He will be based in Hong Kong and report to Mr. Nash, who is now Guy Carpenter’s international division president, and “will be responsible for strengthening Guy Carpenter’s market position across Asia-Pacific and enhancing its client service capabilities,” the broker said in a statement. Mr. Gallagher was most recently CEO of the Pacific region for the company.
Mr. Jones “will work closely with Mr. Gallagher to further develop the firm’s growth strategy for the region,” according to the statement. His position is newly created, according to the spokesperson. He will be based in Singapore and continue in his role as head of Singapore, reporting to Mr. Nash.
U.S.-based reinsurance broker Guy Carpenter & Co. L.L.C. has said that cedents in developing Asian markets could stand to benefit as the reinsurance market is keen to expand, Artemis.bm reports. "Deployment of catastrophe bonds and collateralized reinsurance primarily occurs in more mature Asian markets such as Japan and Australia, but cedents throughout Asia may benefit – although indirectly – in the coming years as third party investors search for diversification through new lines of business and geographies," Guy Carpenter said.