Aon has stated that Bermuda-based Peter Mullen, chief executive officer of Aon Captive and Insurance Management, is stepping down from his role, effective immediately, after seven years at the company.
The company added that Mullen will be leaving the firm in due course to pursue new opportunities.
“We thank him for his contributions to our firm and wish him well,” said Aon in a statement.
The company said that Rory Moloney, chief executive officer of Aon Global Risk Consulting, will oversee the captive business until a new captives chief executive officer is confirmed, but did not state how long this will take.
Mullen was appointed to the position in April 2011. He was previously at Artex Risk Solutions.
In the wake of the announcement it was revealed that Mullen was leaving to rejoin Artex.
Artex said that Mullen is to be appointed chief executive officer-elect, and will start in March 2019 once he has fulfilled his contractual obligations to Aon Captive & Insurance Management.
Mullen helped found Artex in 1997 and was a member of its executive team until his departure for Aon. David McManus will continue to lead Artex as president and chief executive officer until 1st July, 2019. At that time, Mullen will assume those executive responsibilities while McManus moves into the role of chairman.
“Succession planning is a core competency of our company. As our executive committee considered the future leadership of Artex, we immediately thought of Peter and the value we could create by reuniting the team that originally founded Artex,” said McManus. “We’ve grown significantly over the past several years and are proud to now be the third-largest captive manager, according to Business Insurance. I'm confident Peter’s technical risk understanding, coupled with his creativity and innovation, will continue to drive significant growth for Artex in 2019 and beyond.”
Aon, captive, insurance, management, Peter Mullen, departure, resignation