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Arthur J. Gallagher & Co. on Monday named former Aon PLC reinsurance executive Tom Wakefield as CEO of Gallagher Re, replacing Simon Behagg who was named managing director of the unit.
The announcement comes shortly after Gallagher agreed to acquire much of Willis Towers Watson PLC’s reinsurance brokerage business as part of a deal that is expected to help Aon gain regulatory approval to purchase much of the rest of Willis.
A Gallagher spokeswoman said in an email that the appointment of Mr. Wakefield, who has been on so-called gardening leave since leaving Aon last year, related to Gallagher Re’s existing reinsurance business.
“Details related to roles and structures of a combined Gallagher Re and Willis Re business are things we will be in a position to share once we have the necessary regulatory approval for the transaction and the acquisition is completed,” she said.
Most recently, Mr. Wakefield was chief operating officer for Aon’s global reinsurance specialty business. He joined Aon in 2004.
Arthur J. Gallagher & Co. would be the “best fit” for Willis Re if regulators force the sale of the reinsurance brokerage as a condition of approving the larger acquisition of Willis Towers Watson PLC by rival Aon PLC, analysts at Keefe Bruyette & Woods Inc. said in an investor note Monday.