24 April 2023Asia analysis

Gallagher creates new Japanese insurance brokerage

Gallagher has launched a new insurance brokerage in Japan. The firm will specialise in providing insurance solutions to both commercial clients and wholesale facultative insurance to other brokers.

Gallagher said that the business is being led by two experienced leaders, both of who are well established and have an in-depth understanding of the challenges and opportunities for Japanese businesses operating nationally and internationally from the region. Takuya Aibe has joined from Marsh, where he was managing director, as chief executive of the retail operations, which are focused on providing insurance and risk management services to businesses operating in the region.

Tetsuro Nakazawa has also joined from Marsh where he was Placement Leader. He has taken the role of chief executive of the wholesale and fac insurance division, which is dedicated to providing insurance services to other brokers in Japan, who may not have the global access, scale and reach that Gallagher does. The business will form part of Gallagher’s North Asia operations under regional CEO, Thomas Wang, who joined in 2021 to grow the firm’s presence in the region.

A team of circa 15 will look after clients from Gallagher’s Japan HQ in Tokyo, providing knowledge of risk management and insurance solutions for businesses in sectors including property & casualty, marine, financial lines, energy, construction and aviation. As well as broking and risk management services the team will also offer businesses support with employee benefits services and products.

It will complement Gallagher’s existing reinsurance team, also based in Tokyo, which is led by Tsuyoshi Noguchi, and will continue be part of the Gallagher Re global business.

According to Gallagher it already has a significant client base in Japan, which is the world’s second largest developed economy, and the creation of a new hub in the country enables the firm to further expand its offering and provide tailored products and services from a team that is based locally and understands the Japanese trading environment. The launch marks another major milestone in Gallagher’s plans to expand across in Asia. The firm already has hubs based in Singapore and India, complimented by operations in Hong Kong, Malaysia, the Philippines and Indonesia.

Speaking on Gallagher’s expansion plans in Asia, Thomas Wang added: “Gallagher has grown in Asia over the last few years and with a number of the emerging economic global powerhouses based in the region it is an area of expansion for us. Gallagher’s proposition is all about delivering a great service to clients which I am passionate about, and having a team based directly in Japan will enable us to ensure that our regional and multinational clients will get the very best in local knowledge and technical insurance expertise. The new team in Japan build in our long-standing presence in other parts of Asia, and I continue to look for further opportunities to expand our presence.”