Inver Re CEO to step down from Ardonagh unit
Reinsurance broker Inver Re's chief executive has decided to step down from his role and leave the business, Intelligent Insurer has reported.
Steve Hearn (pictured) is set to leave Inver Re and its parent company Ardonagh Group by the end of the summer. Ardonagh and Inver Re have a substantial presence in Bermuda.
Before taking up his position at Inver Re, Hearn held the top role at Ed Broking, Corant Global, Cooper Gay, and Willis Re, Intelligent Insurer said.
Hearn assumed the position of CEO at Inver Re in late 2021, following Ardonagh’s acquisition of BGC Partners’ insurance broking portfolio, which included Ed Broking. He led the business through its establishment and a period of sustained growth, diversification, bringing together talented reinsurance teams from across Ardonagh and the broader market.
Prior to his time at BGC and Ardonagh, Hearn has held a number of significant roles. These include chairman of the London & International Insurance Brokers Association, chairman of The London Market Group (LMG), Deputy CEO and president of Willis Towers Watson, chairman and CEO of Willis Global, and CEO of Willis Re. At the earlier stages of his career, Hearn was also the president and CEO of Marsh Affinity Europe, and CEO of Sedgwick Affinity.
“It is true, I am leaving Ardonagh,” Hearn said on LinkedIn announcing the news. “I leave behind many friends, old and new, and I thank you all for our time together. I am excited to spend some proper time with my family and friends as I work out what's next. In the meantime running shoes are on, Garmin fully charged and I am off into the Alps this morning for a long run. Not sure of the route, how long, how many ups and downs they’ll be but I know I will be back later. See you then.”
Ardonagh said Andrew Wallin will lead Inver Re as interim CEO during the ongoing process to appoint a permanent successor.
Ardonagh Group’s 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.”
Hearn commented: “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.”
Hearn recently spoke to Intelligent Insurer about the pivotal role brokers play in balancing reinsurer-cedant relations, and maintaining the fine line between capacity and risk appetite, especially in a hard market. Click here to read.
