WRIN.tv Rewind Pat Gallagher

In this edition of WRIN.tv Rewind, we revisit a discussion with Pat Gallagher, Chairman, President and CEO of Arthur J. Gallagher. Here, he explains the evolution of the role of broker, and why alternative capital is not so “new”, but a creative way to solve risk management problems.

To be viable, Mr. Gallagher says brokers need to understand their client’s business and add value. He says one major challenge for the industry is attract “top” talent to the “exciting” insurance business. He also believes brokers need to protect “insurer partnerships.”

He sees the role of today’s broker as very different from when his grandfather started Arthur J. Gallagher. Today’s broker is part of a “team” whose members specialize in different disciplines.

Mr. Gallagher explained why the industry is no longer a “supply and demand model.”  While capital is affecting reinsurance rates, in the primary market, he is seeing “more discipline around pricing.” He explains the evolution of so-called “alternative capital.” He sees the influx of capital into the market as “good for our clients.”

Looking ahead, Mr. Gallagher sees more consolidation in the industry, baby boomers retiring, a new generation of leaders coming in, and continued growth as premiums grow.

For more from the SNL Insurance Broker Summit, visit the SNL website, or the WRIN.tv On Demand Library.

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