Ariel Re has named Sarah Morgan (pictured above, left) as head of property reinsurance and Reed Gaglio (pictured above, right) as head of E&S property reinsurance, reshaping the leadership of a business the company says is the largest of its kind at Lloyd's of London.
Both appointments take effect April 1. Morgan, who has been on the property underwriting team since 2006, takes over from Mike Cornish, who moves into a newly created role focused on strategy and special projects.
She said she is "proud to step into this role" and looks forward to growing the portfolio "in a thoughtful and sustainable way."
Gaglio, with Ariel Re since 2005, will lead business development in what the company has flagged as an increasingly important class. The E&S segment has been on a sustained growth run in the United States – AM Best data shows it accounted for 12.3% of total US property/casualty premium in 2024, up from 3.6% in 2000 – though momentum has begun to cool.
E&S premium growth slowed to 9.7% through the first nine months of 2025, AM Best figures show, down from 13.5% over the same period a year earlier. The ratings agency revised its outlook for the segment from positive to stable in November.
CEO Ryan Mather described both moves as part of the reinsurer's broader ambition "to be the Premier Manager of Reinsurance Risk," adding that the appointments reflect depth of internal talent.
The changes come as Ariel Re recalibrates after a bruising 2024. Lloyd's filings show Syndicate 1910's total comprehensive income fell sharply to £77.5 million from £280.5 million in 2023, as net claims surged to £536 million on the back of Hurricanes Helene and Milton, record Canadian catastrophe losses, and the Baltimore bridge allision.
That followed an exceptionally strong 2023, when the syndicate posted a combined ratio of 48%, per its own performance disclosures.
Despite the setback, the platform has continued to scale. Syndicate 1910's gross written premium rose to £1.069 billion in 2024, and Mather has previously indicated group-wide premium could reach $1.5 billion.
From this year, the syndicate will focus exclusively on property catastrophe reinsurance, while a newly approved Syndicate 2006 underwrites a diversified book spanning specialty, marine, cyber, and clean energy.
The syndicate accounts noted that expected returns for 2025 are "currently envisioned to continue to be above the long-term average."
Ariel Re, backed by Pelican Ventures and J.C. Flowers, operates through Lloyd's with offices in Bermuda, London, and Hong Kong.
