As part of the internal leadership changes, Tom Downey will be promoted to the position of CEO for Pen, having been chief underwriting officer (CUO) for the division since 2017. The moves are subject to the standard regulatory approvals.
The changes within the UK business follow another year of outstanding financial performance for Gallagher’s UK division which now makes up a significant part of the global broking group.
The new role within Gallagher’s UK Specialty division is a consequence of its significant expansion, including the acquisition of the 250-strong JLT Global Aerospace team less than 12 months ago and will focus on talent acquisition, M&A pipeline opportunities, product development and relationships with carriers and wholesale and third party partners.
Simon Matson, CEO of Gallagher’s broking and underwriting business in the UK, said: “Our Specialty division has undergone considerable growth in the past 12 months and is now almost unrecognisable having doubled in size over the last five years and firmly establishing itself as a leading London Specialty Broker. Having a dedicated head of business development, particularly one with John’s broking experience, wholesale expertise and passion for growth, will ensure we take full advantage of the many opportunities our enlarged presence and portfolio gives us. Jonathan is an exceptional leader, as he has demonstrated during his three years as CEO of Pen, making him the natural choice to become the new CEO of our Specialty division and to lead the 950-strong team through the next phase of our growth strategy.”
Speaking about the change in leadership within Pen Underwriting, Simon added: “Our underwriting footprint has also undergone incredible change in the last decade. Five years ago we brought together 12 specialist MGAs to create a virtual insurer in Pen Underwriting, a business that we are incredibly proud of. As Chief Underwriting Officer, Tom has been at the centre of that transformation and is well deserving of this promotion to the top job as Chief Executive for Pen Underwriting. It speaks volumes about the quality of our senior leadership that we are making these senior team changes from within our own internal talent pool.”
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