Steve Hearn, the CEO of Inver Re, the Ardonagh Group’s dedicated reinsurance broking unit, is set to depart the company and Group later this summer, we’ve learned.
Hearn took on the Global CEO role at Inver Re in 2021, after Ardonagh acquired BGC Partners’ insurance broking portfolio of businesses. Hearn has also been CEO Reinsurance and Capital for Ardonagh Group.
He had previously been the CEO of Ed Broking, part of that BGC insurance business portfolio.
Andrew Wallin, the current Group Head of M&A at Ardonagh Group and former CEO of Ardonagh Specialty, has been named as interim CEO of Inver Re, to lead the reinsurance broker during a process to appoint a permanent successor, which the company said is ongoing.
Hearn has had a distinguished career, including becoming the Deputy CEO of Willis Group Holdings, having before that held the positions of Chairman and CEO of Willis Global, CEO of Willis Re and CEO of Willis Limited.
Hearn has also had an industry-development focused career, having previously 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.
Ardonagh said that Hearn has led Inver Re through its establishment as an independent reinsurance broker and a period of growth and diversification, building it into the largest independent in Bermuda, with a global footprint of London and US offices, plus specialisms in treaty and facultative reinsurance, capital solutions and strategic advice.
Ardonagh Group’s Chief Executive Officer David Ross commented on the news, “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.”
Hearn is also a member of the Ardonagh Group’s Executive Leadership team, with his deep sector experience no doubt helpful as the Group has built-out and expanded its range of specialty and reinsurance offerings, while realising opportunities presented across the Group.
