Gallagher has named two chief executives within its Specialty division, promoting from within to fill key roles across marine, fine art & specie, and property & special risks.
Alex Vullo (pictured, left) has been appointed CEO of marine and fine art & specie, succeeding Jonathan Suckling, who will transition to a chairman role from January 2027. Vullo will lead a team of 150 colleagues serving clients globally. He joined Gallagher in 2005 as a marine broker and has spent the past three years heading up its P&I specialism as managing director, during which time he has been a prominent voice on renewal conditions, most recently leading Gallagher Specialty's pre-renewal engagement with P&I clubs including Britannia, Skuld, UK Club and NorthStandard ahead of the 2026 renewal season.
Gallagher's marine practice has been a fixture of the London market since its establishment in 1994, growing into one of the largest marine hull and machinery teams in the market, with more than 200 dedicated specialists worldwide and extensive experience placing programmes across major hubs including London, Scandinavia, Continental Europe, the United States and Singapore. Through Gallagher Re, the firm services more than 70% of P&I Club reinsurance programmes.
Vullo's elevation comes at a pivotal moment for the sector. London continues to dominate the global marine insurance market with a 60% share, though conditions are increasingly complex. The hull and machinery market has entered 2025 on a notably competitive footing, with new capacity from both established insurers and MGAs continuing to put pressure on pricing, particularly in London, where rates have softened the most. On the P&I side, pool claims in 2024 reached new record highs, and a trend of severity has continued into 2025, driven by large casualty events, though clubs have benefited from stronger investment income, helping to offset underwriting losses.
The major talking point heading into mid-2026 has been the escalating conflict in the Persian Gulf and the Strait of Hormuz, with the rapid issuance of 72-hour cancellations by P&I clubs and commercial carriers creating immediate pressure for operators, while a surge in vessel attacks has resulted in crew casualties and pollution incidents.
Mark Hubbard (pictured, right) has been confirmed as CEO of property & special risks, having led those operations on an interim basis since the start of 2026. Hubbard has been with Gallagher since 2000 and takes on permanent responsibility for the firm's specialty property and special risks operations in London and Bermuda.
His confirmation arrives as the London and Bermuda property markets navigate a pronounced softening cycle. Lloyd's warned in late 2025 that property rate softening was continuing at a pace it considered problematic, putting pressure on the ability to sustain long-term return thresholds, with analysis pointing to property rates dropping 9% in both Q1 and Q2 2025. Seven new Lloyd's syndicates and six new Bermuda property operations are expected to enter the market in 2026, with Lloyd's aggregate stamp capacity projected to increase by 4%.
The challenge for specialty property brokers operating across both centres will be navigating that capacity influx while maintaining discipline on complex, difficult-to-place risks. The Lloyd's Market Association has warned that a softening market can lead to a relaxation of important protections in policy wordings and fewer exclusions, as insurers compete more aggressively for market share.
Both Vullo and Hubbard report to Sarah Lyons, who took up the role of CEO of Gallagher Specialty in July 2025 and leads more than 1,300 colleagues managing risk programmes for some of the world's largest organisations. She joined Gallagher in 2014 through its acquisition of OAMPS and held a series of senior leadership positions in Australia and Asia before relocating to London.
Lyons said the appointments reflected the depth of talent within the existing team. "Mark has done a great job leading our property & special risks teams since the start of this year and he has a strong understanding of our business, the risks facing clients, and the property market globally.
"Likewise, Alex has built much of his career at Gallagher and brings a clear vision for the next phase of growth for marine, fine art & specie, supported by a strong team, and he will continue to build on the fantastic platform Jonathan has created," she added.
With both appointments drawn from Gallagher's existing ranks, the promotions signal the broker's confidence in its internal talent pipeline at a moment when both marine and property markets are testing specialist expertise in equal measure.
