Seventeen members of Carvill brokerage's top management team are leaving the firm in advance of its closing to join Willis Re, re-insurance brokerage, Willis said.
Carvill said in December it would stop placing or renewing new business as of this April, saying it could not continue as a going concern because of the economy.
The Carvill executives including its two chief executive officers will join the unit of Willis Group holdings next week after each discharges their current obligations with Carvill. The new associates will be based out of Willis Re's New York and London offices.
Among the top echelon moving to Willis Re are joint Carvill Group chief executive officers John Cavanagh, David Thomas and Andrew Newman, a director.
Mr. Cavanagh and Mr. Thomas have 34 and 29 years of experience in reinsurance broking across diverse classes of specialty business and Mr. Newman brings 27 years of experience with a focus on the casualty segment, Willis said.
“The addition of this outstanding group of reinsurance professionals bolsters our specialty capabilities and gives us new growth opportunities in all of our major market segments,” said Joe Plumeri, Willis chairman and chief executive officer.
Peter Hearn, CEO of Willis Re, said, “These are some of the most talented and experienced people in our industry, and the capabilities and business relationships they bring to Willis Re will prove to be a major asset in our drive to capitalize on the opportunities ahead in this business class.
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