John Cavanagh has been appointed as CEO of Willis Re.Cavanagh succeeds Steve Hearn, who was appointed chairman and CEO, Willis Global in December.
John Cavanagh has been an executive vice-president and managing director of Willis Re since 2009, when he joined Willis from International Specialty reinsurance broker RK Carvill, of which Cavanagh was joint CEO. Previously responsible for production and marketing of large specialty reinsurance accounts, and a member of the Willis Re Global Production Board, Cavanagh brings to the role of CEO 36 years of experience in the London insurance market.
Prior to his 21 years at the Carvill Group, Cavanagh was deputy managing director of Minet Re and a Director of the North American reinsurance division at Willis Faber and Dumas.
Cavanagh was instrumental in the delivery of the first ever Insurance-Linked Securities (ILS) transaction at Lloyd’s and acted as advisor on the first ever Casualty ILS. He was also a founder of the Carvill Hurricane Index, an innovative product which described the potential for damage from Atlantic hurricanes, and is used as a basis for the trading of commoditised catastrophe instruments on the Chicago Mercantile Exchange.
Peter Hearn, Chairman Willis Re, said, "Since joining us in 2009, John has made an enormous contribution and has had an extremely productive working relationship with the Willis and Willis Re executive management. His extensive experience of the market and his familiarity with our clients and prospects has been invaluable."
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