2 March 2021Life

Parcell joins Lockton Re as it begins building up its Bermuda platform

Lockton Re, the global reinsurance business of the privately held independent insurance broker, has appointed Thomas Parcell as chief broking officer for its new Bermuda platform.

Parcell started his career at Aon in London working in financial services, accident, life and health before moving to Aon Benfield in 2013 as a non marine retrocession broker. He moved to Bermuda in 2016 and most recently held the role of global head of the industry loss warranty (ILW) practice.

Parcell joins Vittoria Canale, who already serves as operations executive in Bermuda. Lockton vowed to hire more people in Bermuda later in the year.

Tim Gardner, global chief executive officer at Lockton Re, said Bermuda is a natural evolution in the group’s strategy and a key part of its global servicing proposition. “Coupled with our strong London based retrocession and property specialty team, we are creating a formidable force in this important part of the industry,” he said.

Nick Durant, North America chief executive officer at Lockton Re, said: “Our global retrocessional capability is another exciting step in Lockton Re’s focus on offering our services in a way that reflects what clients need and want. The collaborative ethos that sits at the heart of the business means our growing Bermuda platform is another important part of the global teams we can create to work seamlessly across the Atlantic to provide the best possible outcomes to clients.”

Parcell said: “Our alignment with the London, US, and global teams, alongside the deep expertise and relationships on the island, positions the Bermuda office in a great place to deliver for our clients and the core values we stand for as a business.”

Keith Harrison, international chief executive officer at Lockton Re, highlighted Parcell’s experience and standing in non-marine retrocession and ILW trading. “Bermuda is an immensely important reinsurance hub and Lockton Re’s twelfth location - a significant milestone for our continued growth,” he added.