Gallagher Re has appointed Miguel Araújo (pictured above, left) to lead its Iberia business and added MJ Sung (pictured above, right) as divisional director on its Korea team, as the reinsurance broker looks to strengthen its leadership across two markets drawing increasing attention from the industry.
Araújo has served as executive director at Gallagher Re since February 2023, based in Madrid. He previously worked at Willis Re as a reinsurance broker and catastrophe analytics specialist covering the EMEA wholesale segment.
Before entering broking, he spent more than four years at AXIS Capital in London as a senior catastrophe modeling analyst focused on natural catastrophe risk.
His background also includes a PhD in earthquake engineering and structural dynamics from the University of Porto, where his research focused on seismic safety and loss assessment of residential and industrial buildings.
He holds a Certificate in Financial Mathematics from the Institute and Faculty of Actuaries.
Gallagher Re said Araújo's blend of technical analytics and commercial strategy positioned him to lead the Iberia operation, though it did not disclose further details on the scope of the role.
The appointment comes as broker interest in the Iberian peninsula intensifies. Howden Re launched its own Iberia operation last September, naming David Santos as managing director in Madrid. The moves coincide with rising natural catastrophe exposure across the region.
Munich Re data showed that nearly 400,000 hectares burned in Spain in 2025, almost five times the annual average over the preceding two decades.
The hire is part of a broader reorganization of Gallagher Re's international operations. In March, the firm split its international oversight, naming Alkis Tsimaratos as president, international, and Alex Ntelekos as head of international products and practices.
Separately, MJ Sung joined the Gallagher Re Korea team as divisional director on April 6, bringing 18 years of experience across the insurance and reinsurance industry. The firm said Sung's appointment would support the growth of its facultative reinsurance team in the Korean market.
Sung's hire follows a wider reshaping of the firm's Asia Pacific leadership. In February, Gallagher Re named Roshan Perera as managing director and Richard Jones, who previously oversaw Southeast Asia, Taiwan, and Korea, as regional chairman.
The Korean market is undergoing structural change that has made reinsurance capacity more sought after. The implementation of K-ICS and IFRS 17 has put pressure on insurer capital ratios.
Fitch Ratings has warned that mid-sized and smaller Korean insurers could face significant challenges meeting core capital requirements, while RGA Korea's Michael Shin has said the regulatory shift is pushing insurers to seek diverse capital solutions, including reinsurance.
Cognitive Market Research valued the South Korean reinsurance market at $11.76 billion in 2025, projecting annual growth of 5.9%. Both appointments reflect Gallagher Re's continued investment in regional leadership as it looks to deepen its presence in Iberia and South Korea.
