Willis Group Holdings announced the appointment of John Cavanagh as CEO Willis Re, the reinsurance broking arm of the Willis Group, effective immediately. He succeeds Steve Hearn, who was appointed Chairman and CEO Willis Global last December. In his new role, Cavanagh joins Peter Hearn, Chairman Willis Re, and Paddy Jago, President of Willis Re on the Willis Re Executive team, in addition to becoming a member of the Willis Executive Committee.
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. He was previously responsible for production and marketing of large specialty reinsurance accounts, and a member of the Willis Re Global Production Board. He has 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.
Willis noted that Cavanagh is a pioneer in developing the use of the capital Markets for insurance. He 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 commoditized catastrophe instruments on the Chicago Mercantile Exchange.”
Source: Willis Re
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