Gallagher Re has appointed Alexander Lowry (pictured above) as executive director for its global credit, surety and political risk product division.
Lowry, who will be based in London, is expected to support the firm’s clients in this specialty line. He joins Gallagher Re following more than six years at RenaissanceRe, where he most recently served as assistant vice president, underwriting for credit.
He held several roles at RenaissanceRe, including senior analyst, risk analyst, and junior support analyst, gaining experience in credit, surety, and political risk treaty reinsurance as well as structured credit insurance.
Prior to his tenure at RenaissanceRe, Lowry worked as a junior support analyst at Tokio Millennium Re AG in London. He holds a mathematics degree from the University of Bath.
Read more: CPRI demand surges while market lags
The appointment comes as the credit and political risk insurance (CPRI) market continues to demonstrate steady performance. The global CPRI and surety market is valued at $49 billion, with trade credit premiums growing at a compound annual rate of 14% since 2019.
This growth is attributed to sustained demand from corporates, lenders, and public sector organizations seeking to manage risk in a volatile global environment.
Multinational companies are increasingly turning to political risk policies to address exposures related to cross-border operations and investments. Structured credit and political risk insurance have become critical tools for managing uncertainty, particularly in emerging markets where global developments continue to disrupt trade and investment strategies.
In 2025, demand for credit and political risk insurance surged by 33%, driven by ongoing trade disruptions and global economic shocks. However, overall market growth has not kept pace with other specialty lines such as property and cyber insurance, suggesting that the sector may need to adapt further to meet evolving client needs.
Despite the heightened demand, the CPRI market faces constraints on capacity and underwriting appetite in some areas. A limited pool of reinsurers and a cautious approach to risk selection have led to a mismatch between supply and demand for certain types of coverage, influencing how brokers and insurers approach client solutions in this segment.
