Steve Hearn to depart Inver Re and Ardonagh

Reinsurance broker Inver Re has announced that its CEO Steve Hearn is to depart the company and parent the Ardonagh Group this summer, with a search for a replacement now underway.

Hearn joined the Ardonagh Group through its acquisition of the insurance and reinsurance broking assets of BGC Partners, taking on a role as CEO of Reinsurance and Capital and as CEO of Inver Re, the dedicated reinsurance broking unit.

He has led the set up and growth of Inver Re into a leading independent reinsurance broker, the largest such company in Bermuda and with operations in the US and UK as well, a global footprint that has been increasing over time.

Hearn is also a member of the Ardonagh Executive Leadership team, where his knowledge of leading larger and independent brokers, as well as on reinsurance and risk capital, have helped the company benefit from synergies across its insurance operations.

Andrew Wallin, currently the Group Head of M&A at Ardonagh Group and the former CEO of Ardonagh Specialty, will act as interim CEO of Inver Re, to lead the reinsurance broker through a process to appoint a permanent successor, which the company said is ongoing.

Steve Hearn had previously been a senior leader at Willis, having held the roles of Deputy CEO of Willis Group Holdings, the Chairman and CEO of Willis Global, the CEO of Willis Re, and CEO of Willis Limited. Prior to that he had helped build and led independent brokers in the London market.

He has also been the Chairman of both the London Market Group (LMG) and the London & International Insurance Brokers’ Association (LIIBA) and Vice President of the Insurance Institute of London, demonstrating his ability to drive forward industry initiatives.

Ardonagh Group Chief Executive Officer David Ross said, “Steve has achieved everything he set out to do when he joined us two years ago and more.

“His legacy is a thriving business known for collaboration and innovative solutions for clients – a much needed specialist in a consolidated market. He leaves with our gratitude for a job superbly well done.”

Steve Hearn added, “I’m incredibly proud of the client-centric proposition that Inver Re has become famous for, the talent that has been assembled and the considerable early wins. It has been a privilege to lead this business and its executive team.

“I wish David Ross, Andy Wallin, my many friends and colleagues continued success as they build a fabulous business.”