Willis Group Holdings has announced that Peter Hearn has been promoted to chief executive officer of Willis Re, where he will oversee the reinsurance unit's global efforts.
The company said Grahame Millwater, who was previously chairman and CEO of Willis Re, will remain as chairman.
Mr. Hearn in taking his post will be managing the firm in a reinsurance market that is rapidly raising rates and cutting back on exposures in the wake of extensive 2005 losses from hurricane activity.
The company said that while day-to-day Willis Re leadership passes directly to Mr. Hearn as CEO, Mr. Millwater will remain involved in the growth of the global re-insurance business while working on the next stage of Willis' development with Joe Plumeri, chairman and CEO of Willis Group.
Mr. Hearn joined Willis Re in 1994, was named president of U.S. reinsurance operations in 2002 and promoted to CEO of the unit in March 2005.
As a “very active part of a management team” whose department has “grown quite well,” Hearn was a “natural choice” for this promotion, according to Daniel Prince, a spokesman for Willis Re.
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