In London, where Gallagher operates through its specialty unit Gallagher Re and other divisions, the market remained competitive, especially across marine, energy, and financial lines. Rate momentum in the London Market has begun to stabilise after several years of firm conditions, with brokers reporting more scrutiny around casualty treaty renewals and longer placement timelines in cyber and D&O classes. Gallagher’s footprint in London also positions it to capitalise on continued demand for reinsurance and wholesale distribution capabilities, especially as clients navigate inflation-linked exposures and evolving regulatory pressures.