Arthur J. Gallagher – the international division of Arthur J. Gallagher & Co. – has appointed Michael Rea as chief operating officer and Carol Richmond as chief risk officer, subject to regulatory approvals.
Both recruits will join the organization’s international brokerage executive committee, led by International CEO Grahame Chilton.
In addition, Ian Story has been confirmed as chief financial officer for the international division, another executive committee role and one that he has been fulfilling on an interim basis since February 2015.
Simon Matson, founder and CEO of Alesco Risk Management Services, also has been appointed to the executive committee, subject to regulatory approvals.
Rea will support Chilton in defining and implementing the strategy and vision for the business, including identifying further opportunities for growth, leading internal transformational change programs and assuming responsibility for the day to day running of business operations within the division, Gallagher said in a statement.
Rea has more than 20 years’ industry experience throughout which he has gained extensive senior leadership expertise at board level in both the insurance and broking sectors. He joins Gallagher from Towergate Group, where he served most recently as group chief operating officer.
As chief risk officer, Richmond will oversee the management of risk and exposure across the division and ensure that all legal and regulatory requirements are met. She brings more than 25 years’ risk and governance experience to the role, including a range of executive and board positions with international insurance companies.
She was most recently chief risk officer for Aon UK Limited where she led the transformation of Aon’s risk, compliance and financial crime functions which included establishing a new enterprise risk management (ERM) framework.
Story has 34 years’ experience with large corporates and smaller, private-equity held businesses. He had a range of senior finance roles within GE Capital Inc., before he moved into the insurance broking world in 2004, where he held finance director positions at Smart & Cook, Bluefin Insurance Broking and latterly The Oval Group, which was acquired by Arthur J. Gallagher in 2014. He was named interim CFO in February 2015.
“Michael, Carol, Ian and Simon are welcome additions to my executive team. Ian is a first-class CFO so I am delighted he has decided to remain with us here at Gallagher on a permanent basis. It is also important that Simon is on the team as we see real growth opportunities for our independent Alesco business,” said CEO Chilton.
“Equally, Michael and Carol are fantastic new hires and demonstrate the quality of the people we are attracting,” Chilton added.
“Michael’s experience in successfully consolidating acquired businesses will be a tremendous asset in the future development of our international strategy, while Carol’s insight and understanding of risk management and governance frameworks will be vital in safeguarding the business and that of our customers. Collectively, their wealth of expertise and impressive track records of delivering results and driving performance within their respective areas will be a tremendous asset to us as we execute our strategic growth ambitions.”
Source: Arthur J. Gallagher