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16th of May 2012

New Wills Re CEO

Vicky Beckett 19/01/2012

Willis Group Holdings has appointed John Cavanagh as Willis Re’s CEO.
 
He will succeed Steve Hearn, who became chairman and CEO Willis Global last December.
 
Cavanagh joins Peter Hearn, chairman of Willis Re, and Paddy Jago, president of Willis Re on the Willis Re executive team, and is also now member of the Willis executive committee.
 
Cavanagh has been an executive vice-president and managing director of Willis Re since 2009, after joining Willis from reinsurance broker RK Carvill, where he was joint CEO.
 
Cavanagh was previously responsible for production and marketing of large specialty reinsurance accounts, and a member of the Willis Re global production board.
 
He brings 36 years of experience in the London insurance market to the role.
 
Prior to his 21 years at the Carvill Group, Cavanagh was deputy managing director of Minet Re and a director of the North American reinsurance division at Willis Faber and Dumas.
 
Cavanagh played a key part in the delivery of the first Insurance-Linked Securities (ILS) transaction at Lloyd’s and was an advisor on the first Casualty ILS.
 
He founded the Carvill Hurricane Index, a product which describes the potential for damage from Atlantic hurricanes, and is used as a basis for the trading of commoditised catastrophe instruments on the Chicago Mercantile Exchange.
 
Peter Hearn said: "Since joining us in 2009, John has made an enormous contribution and has had an extremely productive working relationship with the Willis and Willis Re executive management.”
 
Outgoing Willis Re CEO Steve Hearn, who is now CEO Willis Global said: “With his market-leading specialty expertise, proven leadership skills and capital markets knowledge, we are very fortunate to have someone of John’s calibre internally to take on the role of CEO, Willis Re.
 
“He knows our clients and our business and, with his experience as the former CEO of a highly successful reinsurance broker, is ideally placed to lead Willis Re into its next chapter of growth.”

Tags: CEO, Global, John Cavanagh, Peter hearn, Re, Reinsurance, Steve hearn, Willis

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