Gallagher has appointed Tom Wakefield as chief executive officer of its reinsurance business, Gallagher Re, subject to regulatory approval.

The company said Mr Wakefield will take over the role from current CEO Simon Behagg, who will transition to the new role of managing director of Gallagher Re.

Mr Wakefield joins Gallagher after a 17-year tenure at Aon, where he was latterly COO for the Global Re marine, specialty and composite business and led the broker’s book of marine composite reinsurance business, as well as being UK “growth leader” for reinsurance solutions.

As CEO of Gallagher Re, the company said Mr Wakefield will be responsible for leading the ongoing expansion of Gallagher’s reinsurance operations and will work closely with Mr Behagg and the wider senior management team to continue to drive the business’ ambitious growth agenda.

He will join Gallagher’s UK executive team reporting to CEO, Simon Matson.

Mr Matson, CEO of Gallagher’s broking and underwriting businesses in Europe, Middle East & Asia, said: “The evolution journey that sits behind Gallagher Re since its inception in 2013 is quite incredible.

“Since becoming a fully-owned part of Gallagher in 2020, the business has continued to deliver on its aggressive growth trajectory, latterly under Simon’s leadership, and continued to attract a wealth of reinsurance talent, including Tom, on to the team.

“We are delighted to now have Tom step into the role of CEO at a time when Gallagher Re is set to embark on the most exciting chapter yet in the business’ remarkable growth story.

“However, while the Willis Re transaction progresses through the required regulatory processes, our focus remains on driving forward our existing Gallagher Re business strategy with Tom at the helm.”

Mr Wakefield said: “Gallagher Re’s rise from a start-up challenger brand to a world-class and highly-respected reinsurance broker is something that I have long admired.

“I am excited to be joining such an innovative and entrepreneurial organisation and look forward to working alongside this hugely talented group of people to drive forward the business’ growth agenda and further expand and enhance our client offering.”

Gallagher is the brand name of Arthur J Gallagher & Co, the global insurance broker, risk management services and consulting firm headquartered in Rolling Meadows, Illinois.

Gallagher Re is a full-service global reinsurance broker owned by Gallagher.

Founded in 2013 as the co-venture “Capsicum Re” with Gallagher, the business became the primary treaty reinsurance outlet for the Gallagher group of companies and has grown rapidly to become the world’s fifth largest reinsurance broker with a team of more than 160 people, the company said.

Last October, the business rebranded to Gallagher Re, to complete its integration into the global firm, having become its wholly owned specialist reinsurance arm in January of last year.

Gallagher Re said it is based out of key global reinsurance hubs — London, Bermuda, Rio de Janeiro, Santiago, Miami and New York.