Gallagher has announced the appointment of two chief executives within its Specialty division, promoting experienced internal leaders to oversee major business areas spanning marine, fine art & specie, and property & special risks.
Alex Vullo has been named chief executive officer of marine and fine art & specie, succeeding Jonathan Suckling, who is set to move into a chairman position from January 2027. In his new role, Vullo will oversee a global team of 150 professionals serving clients across international markets.
Having joined Gallagher in 2005 as a marine broker, Vullo has built a long-standing career within the company. Over the past three years, he has led the firm’s protection and indemnity (P&I) specialty business as managing director. During that period, he became a recognized industry voice on renewal market conditions and recently spearheaded Gallagher Specialty’s pre-renewal discussions with major P&I clubs, including Britannia, Skuld, UK Club, and NorthStandard, ahead of the 2026 renewal season.
Gallagher’s marine division has been a significant presence in the London insurance market since its launch in 1994. The practice has grown into one of the market’s largest marine hull and machinery operations, supported by more than 200 specialists worldwide. The team places insurance programs across key regions such as London, Scandinavia, Continental Europe, the United States, and Singapore. Through Gallagher Re, the company also supports over 70% of global P&I Club reinsurance programs.
Marine Market Faces Growing Challenges
Vullo’s promotion comes at a critical time for the marine insurance sector. London continues to hold a dominant position in the global marine insurance market, accounting for approximately 60% of market share. However, competitive pressures are increasing.
The hull and machinery segment entered 2025 with abundant market capacity, as both established insurers and managing general agents (MGAs) expanded their presence. This additional capacity has intensified competition and contributed to softer pricing, particularly within the London market.
Meanwhile, the P&I sector has faced mounting claims costs. Pool claims reached record levels in 2024, and the trend of severe losses has continued into 2025, driven by major casualty events. Stronger investment returns have helped clubs offset some underwriting challenges.
A key concern entering mid-2026 has been the escalating tensions in the Persian Gulf and the Strait of Hormuz. The rapid issuance of 72-hour cancellation notices by P&I clubs and commercial insurers has increased operational pressures for shipping companies, while rising vessel attacks have resulted in crew casualties and environmental pollution incidents.
Property Leadership Confirmed
Gallagher has also confirmed Mark Hubbard as CEO of property & special risks after he served in the role on an interim basis since the beginning of 2026.
Hubbard joined Gallagher in 2000 and will now assume permanent leadership of the firm’s specialty property and special risks operations across both London and Bermuda.
His appointment comes as property insurance markets in London and Bermuda continue to experience a significant softening cycle. In late 2025, Lloyd’s highlighted concerns about ongoing rate reductions, warning that the pace of softening could challenge insurers’ ability to maintain long-term profitability targets. Industry analysis indicated that property rates declined by 9% during both the first and second quarters of 2025.
Market competition is expected to intensify further in 2026, with seven new Lloyd’s syndicates and six new Bermuda property operations projected to enter the sector. At the same time, Lloyd’s aggregate stamp capacity is forecast to rise by 4%.
For specialty property brokers operating across both markets, the challenge will be balancing increased capacity with underwriting discipline, particularly for complex and difficult-to-place risks. The Lloyd’s Market Association has cautioned that softer market conditions can sometimes result in weaker policy protections and fewer exclusions as insurers compete more aggressively for business.
Strengthening Internal Leadership
Both Vullo and Hubbard will report to Sarah Lyons, who became CEO of Gallagher Specialty in July 2025. Lyons oversees a team of more than 1,300 professionals responsible for managing risk programs for some of the world’s largest organizations.
She joined Gallagher in 2014 following the company’s acquisition of OAMPS and has since held several senior leadership positions across Australia and Asia before relocating to London.
By selecting both executives from within its existing leadership ranks, Gallagher has reinforced its commitment to internal talent development. The appointments come at a time when both marine and property insurance markets are facing increasingly complex challenges, placing greater importance on specialist expertise and experienced leadership.
