Jan 23 - (The Insurer) - With WTW group CEO Carl Hess having confirmed the group’s plans to re-enter treaty reinsurance broking in December, one of the key questions now is who will lead the new entity. The Insurer examines both the opportunity and the likely leadership candidates below…

What we know so far

WTW announced on 3 December that it was to return to treaty broking – following the $3.25bn+ sale of Willis Re to Arthur J Gallagher in 2021 – via a joint venture with Bain Capital, confirming a story first revealed by The Insurer in September 2024.

Group CEO Hess revealed the global broker will hold a minority share in the joint venture, with the pace of the build-out set to depend on the opportunity.

“This new company will combine WTW’s rich history, leading global network and expertise in insurance broking, consulting and technology with Bain Capital’s scaled team of insurance industry experts and proven track-record of building and growing innovative insurance businesses across the value chain,” the NYSE-listed group explained.

But building a transatlantic, multi-class reinsurance broker from scratch takes time, money and laser-focused leadership. Holding a minority stake in the joint venture (presumably with an undisclosed call option to consolidate at a later date) means WTW will not be required to disclose costs associated with the new reinsurance business in its quarterly earnings, which should avoid any impact to its share price.

The expectation is that the new venture will primarily focus on organic growth – leveraging WTW’s global retail network and recruiting talented if costly producers – rather than acquisition considering the paucity of credible M&A candidates.

However, the first challenge is establishing a credible leadership team who will be motivated to work tirelessly for at least five years to establish Willis Re 2.0. A proven ability to win business and attract teams from rivals will be high up on the list of credentials.

This is no easy task. Many potential candidates have been bandied around in the past year but the fact no one has materialised as yet hints at the difficulty WTW and Bain may be experiencing in finding a suitable leader who is both willing and available to commit to the task.

However, the 1.1 renewals are now complete and in a few months it will be the annual round of broker bonuses – a key time to attract potential talent especially if bonus pots prove disappointing. In other words, now is the time for WTW and Bain to act. Don't be surprised if there is activity in the coming months.

In this article, we examine the credentials of the obvious “big name” candidates who are likely to have been considered.

Leadership credentials

In an interview with The Insurer TV in September, former Willis Re boss John Cavanagh said it is essential the venture recruits a CEO with extensive reinsurance brokerage experience if WTW is to make a success of its return to the treaty space.

Cavanagh highlighted the importance of existing client relationships for whoever takes on the role, as well as choosing someone who “understands brokers and has managed brokers in the past”.

But he also predicted that finding the ideal candidate would be challenging, with most of the very senior people in the market locked into “watertight contracts”.

“The big producers in the market earn a huge amount of money and are very well rewarded. You've got to try and create awards or rewards that match or better that,” he said.

Against this backdrop, The Insurer has canvassed market sources to identify the contenders to become CEO of the new entity. Below we examine their credentials. The caveats are that this is not an exhaustive list; it does not seek to rank in order of likelihood; and (for the most part) is not based on definitive intel from sources with direct knowledge of the process.

Willis Re 2.0 CEO: the runners and riders

James NashFormer Guy Carpenter international CEO would bring four decades of experience

Industry CV: Nash first arrived at Guy Carpenter in 1985 and most recently served as the reinsurance intermediary’s Tokyo-based international CEO. From 2008 to 2017, he led the group’s Asia Pacific operations before his remit was expanded to EMEA, Latin America and the Caribbean. He left to become CEO of AIG Japan in 2021.

Prospects: Shortlist

A credible candidate considering his decades of senior leadership and client experience at Guy Carpenter, enhanced further by almost four years at AIG.

However, would he be willing to uproot his life in Japan and return to a life centred around London-New York and with it the requirement for relentless travel?

Kevin FisherCurrent IQUW president and another Guy Carpenter alumnus

Industry CV: Having launched his career at JH Minet in 1981, Fisher joined Guy Carpenter through the acquisition of Wilcox Johnson Higgins in 1996. He remained with Marsh McLennan’s reinsurance arm for more than 25 years before “retiring” in 2022.

Prospects: Shortlist/favourite

Like Nash, Fisher built his reputation during a lengthy tenure at Guy Carpenter, where he became known as an astute and highly influential producer with multiple London market/Lloyd’s clients. Has since made the transition from broking to underwriting via IQUW, the private equity-owned Lloyd’s insurer.

But would such a high-profile role appeal to Fisher, who studiously avoided the media spotlight throughout his Guy Carpenter years and instead focused on serving clients and managing markets? He would also presumably have to forgo the potential reward of a capital event at IQUW were it to be acquired (albeit there are many other private equity-backed Lloyd’s carriers also looking for similar M&A solutions).

Nonetheless, he has been repeatedly linked with the initiative and has the advantage of not being immediately bound by the restrictions that would likely apply to someone joining from a rival intermediary. Critically, he has a loyal following – especially among former Guy Carpenter colleagues – and would be one of the candidates most likely to swiftly lift production teams and win business. He also has the energy and would likely relish the challenge. May work best as part of a senior leadership team with Fisher focusing on revenue, client and team build-out and a chair shouldering figurehead duties.

Graeme Moore

Former Willis Re Specialty CEO and now Gallagher Re UK chair

Industry CV: Formerly CEO for global specialty at Willis Re prior to its acquisition by Gallagher, Moore was appointed to the office of the chairperson at Gallagher Re UK following the completion of the deal. He spent more than a decade at Willis Re and was previously at Aon.

Prospects: Linked with a move but is the timing right?

Like Fisher, Moore is a high-profile London market reinsurance producer with strong client connections and a proven ability to move business. His familiarity with WTW also makes him a credible candidate and it is likely any executive deferred payments terms from the Gallagher-Willis Re deal will be coming towards the end considering it is more than three years since completion.

If that is the case, then he’s also an obvious candidate and his age – mid-fifties – means he has the energy and time to commit to one more major challenge. But he appears happy at Gallagher Re and there is talk he has recently committed to a new deal which, if true, rules him out.

Andrew Brooks

Former Ascot CEO who serves as deputy chair of the Council of Lloyd’s would be a leftfield suggestion

Industry CV: Brooks served as Ascot CEO from 2008 to 2023 and was part of the Lloyd’s-Bermuda (re)insurer’s founding management team. He began his Lloyd’s career in 1983 and is a prominent and highly respected London market figure, as reflected in his market roles as Lloyd’s deputy chair and retiring chairman of the Lloyd’s Market Association.

Prospects: A leftfield choiceA leftfield choice, certainly, considering a lifetime in underwriting but he is a proven leader, knows how to work with private equity, is well connected and deeply respected. Brooks has also recently shown an appetite to build a Lloyd’s-based underwriting start-up, which demonstrates he is willing to embrace at least one more major executive challenge.

Steve Hearn

Experienced (re)insurance broking CEO who previously led Willis Re

Industry CV: Hearn previously served Willis in a variety of roles after joining the broker through its acquisition of Hilb Rogal & Hobbs in 2011. He later became CEO of Ed Broking Group before leading BGC’s insurance businesses after it acquired Ed in 2018 and then led Ardonagh Group’s dedicated reinsurance broking unit, Inver Re (now Price Forbes Re), before exiting. He is currently chairman of PPL.

Prospects: An obvious candidate if interested

Hearn has vast experience in leadership roles at major brokers, including a previous stint as CEO at Willis Re. He has also led two turnarounds at Glencairn and Cooper Gay/Ed (now Ardonagh) and, like Brooks, is a recognised market leader as former chair of the London Market Group. This experience could be invaluable in building out the next incarnation of WTW’s reinsurance broking entity.

Having left Ardonagh Group in 2023, he is also available. An obvious candidate if he is interested in returning to WTW and leading a start-up. Perhaps as chairman with a treaty-focused veteran as CEO?

Rupert MooreCurrent UK CEO for Aon’s Reinsurance Solutions

Industry CV: Moore became UK CEO for Aon’s Reinsurance Solutions business at the start of 2022 following more than six years leading the intermediary’s Japanese business. Moore is nearing a quarter of a century with Aon having joined as a graduate trainee in 2000.

Prospects: Would his Japanese connections make him a viable contender?

As he approaches 25 years in reinsurance broking, Moore may see the opportunity to join WTW’s new joint venture as the next step in his career after recent changes at Aon (Lloyd’s CEO John Neal coming in later this year to the vacant global reinsurance leadership role). Considering WTW’s historic links to Japan, his background might also prove attractive.

Rob Bredahl

Howden Re’s co-vice chair and executive chair of capital markets

Industry CV: A member of the Howden executive leadership team, Bredahl was CEO of Howden Re until December 2023. He previously served as CEO of TigerRisk and led the company through its acquisition by Howden. He was one of the co-founders of Third Point Re in 2012, serving in a number of leadership roles at the reinsurer. Bredahl had earlier served as CEO of Aon Benfield Securities. Prior to Aon’s acquisition of Benfield in 2018, he served as CEO of Benfield US Inc.

Prospects: Unlikely to run

Bredahl is the first American on the list – helpful considering the importance of the US market. He would also bring extensive reinsurance broking experience given his roles at Aon/Benfield, TigerRisk and Howden Re.

Bredahl is a senior member of the leadership team which has cemented Howden Re as a top four intermediary through the $1bn+ acquisition of TigerRisk and the execution of an aggressive but seemingly successful talent recruitment policy. Intelligent, an excellent communicator and a capital markets expert. But there is no reason to think he would consider leaving unless he is driven to be a CEO once again and would relish the challenge of a new build. Doesn’t appear likely.

Peter Hearn

Veteran reinsurance executive who has served as CEO of both Willis Re and Guy Carpenter

Industry CV: Currently vice chair at Marsh McLennan after making way for Dean Klisura in late 2021 as Guy Carpenter CEO. Hearn has experience leading the previous iteration of Willis Re having served as its CEO from 2005 to 2011, later becoming global chairman. He began his reinsurance career with Willis, Faber & Dumas in 1978, joining Towers, Perrin, Forster & Crosby in 1981 before joining Willis Re in 1994.

Prospects: Highly experienced but unlikely to return to a CEO role

Hearn boasts decades of reinsurance broking leadership experience and his time at WTW’s predecessor companies would perhaps bring a unique perspective to the role. The question remains whether he would want such a challenge at this relatively late stage in his career. We suspect not.

John Cavanagh

Beat Capital co-founder and chairman who led Willis Re as global CEO until the end of 2017

Industry CV: Having begun his career in 1975 in the reinsurance division at Alexander Howden & Swann, Cavanagh will celebrate his 50th year in the industry in 2025. He served as joint CEO at RK Carvill prior to joining Willis Re in 2009, leading the reinsurance broking business until his retirement at the end of 2017.

Prospects: Unlikely

When Cavanagh set out the ideal candidate for the role in an interview with The Insurer TV last year, he could easily have been describing himself. Nonetheless, having retired from the role eight years ago to launch Beat Capital with Tom Milligan, it is unlikely he would embrace such an all-consuming task of returning to head the relaunch.

Julian Enoizi

Former Pool Re CEO who joined Guy Carpenter in 2022

Industry CV: Enoizi has served as CEO for Europe at Guy Carpenter since 2023, having joined the reinsurance broker the previous year to initially lead its public sector practice before stepping up following the controversial exit of European CEO Massimo Reina to Howden Re. He previously spent close to a decade as CEO of UK terrorism backstop Pool Re, where he earned plaudits for transforming its structure, building up vast capital reserves and navigating the mutual through two UK government reviews. A lawyer by training, he has decades of executive experience at various (re)insurers including AIG, Argo and CNA Europe.

Prospects: An outsider but with credentials

Following a lengthy career with underwriting businesses, Enoizi moved to the broking side in 2022. His remit at Guy Carpenter extended beyond his initial public sector focus the following year. But it is difficult to imagine he could be tempted away from Guy Carpenter after such a relatively short period and nor does he yet have the depths of broking leadership experience that WTW/Bain are likely to look for.

John Neal

Lloyd’s CEO who was recently confirmed as joining Aon’s Reinsurance Solutions

Industry CV: Served as Lloyds CEO since October 2018. Neal was previously CEO at QBE, where he had earlier held roles including chief underwriting officer and chief operations officer of the firm’s European operations. He had previous Lloyd’s experience as CEO of Ensign, having earlier served as active underwriter at Bankside Managing Agency.

Prospects: Non-runner

Neal’s next role had been subject to mounting speculation given that his tenure as Lloyd’s CEO was widely expected to come to an end in the next year or so. However, this month’s confirmation that he will become the new reinsurance CEO at Aon puts an end to any prospects of him joining WTW.

James Few

Former TigerRisk London CEO who departed after sale to Howden

Industry CV: Few began his reinsurance career in 1993 through Royal Global’s graduate programme. He later served Royal Sun Alliance and Wellington Underwriting before holding senior leadership roles at Aspen as well as at its reinsurance arm, Aspen Re. He led the reinsurance unit at MS Amlin for four years before joining TigerRisk in 2019.

Prospects: Outsider

Few exited TigerRisk in what was said to be an amicable departure as part of the broker’s acquisition by Howden. While there has been little sign of a return to the industry since, he remains young enough for another major role and isn’t tied into an expensive contract, unlike some of the other contenders.

Andy MarcellCurrent CEO of Risk Capital and Reinsurance Solutions at Aon

Industry CV: Marcell has now spent nearly a decade at Aon, where he has served as CEO of Reinsurance Solutions since 2018. His responsibilities were expanded to also include the role of CEO of Risk Capital in 2023. Prior to Aon, he served as CEO of Guy Carpenter’s US operations and head of its global facultative business.

Prospects: Unlikely

Marcell’s pedigree in the reinsurance broking space has been established through close to a decade with Aon and his previous 25-year stint at Guy Carpenter.

It may be viewed as a long shot for Marcell to want to give up his current more senior role at Aon to lead the new WTW start-up. It seems likely that an established reinsurance broking figure such as Marcell would only be lured away if the entrepreneurial spirit took hold and he was convinced by Bain and WTW of the opportunity presented by the new venture.

Vicky Carter

Chairman of global capital solutions, international, at Guy Carpenter

Industry CV: Carter became the first female founder of a Lloyd’s broking house when she established Dunn & Carter Ltd in 1992. She later served as chairman for the UK and Europe at Towers Perrin before joining Guy Carpenter in 2010 as vice chairman of international operations. She became chairman of global capital solutions, international, in 2018. She is also the first female deputy chair of Lloyd’s.

Prospects: Would she relish a fresh challenge?

Carter will be celebrating her 15th year at Guy Carpenter during 2025, having operated in reinsurance broking since 1980. Would she relish a fresh challenge and the opportunity to build out Willis Re 2.0? If so, she is a proven business winner and would be a highly credible leader

James Kent

Former Willis Re CEO who exited role as Gallagher Re CEO in June 2023

Industry CV: Spent close to two decades with Willis Re having joined the broker in 2004. Succeeded Cavanagh as CEO in 2017 and led the unit through its acquisition by Gallagher. Kent was subsequently moved to a new role as CEO of global insurance strategic relationships, and departed the company shortly after.

Prospects: An outsider

Kent’s credentials will be well known within WTW given his long tenure with the previous incarnation of Willis Re. He led the reinsurance arm through a prolonged period of uncertainty amid M&A talks with Aon in 2021, and won plaudits for retaining both Willis Re staff and clients.

Kent remained in charge during the $3.25bn+ move to Gallagher and integration under its new owner prior to his departure in 2023. This experience would make him an ideal candidate to lead Willis Re 2.0. The question is, would he want to return, and what would it take to tempt him back? Sources indicate Kent is now “very happily retired” and is not thought likely to change his mind and compete with his former colleagues.

John Trace

Current Guy Carpenter North America CEO

Industry CV: Long-time veteran of Guy Carpenter, Trace is a member of the firm’s executive committee as CEO of North America at the reinsurance intermediary.

Prospects: An outsider

Another Guy Carpenter executive but is viewed as an outsider among the field of potential candidates. The executive is thought to have previously been under consideration for other senior industry positions, including the (until recently) open role to take the reins at Aon’s Reinsurance Solutions business. Instead, he has committed to Guy Carpenter and he is a likely candidate to take the global leadership role when Dean Klisura decides to step aside. In which case it seems unlikely he would now opt to jump into the unknown at what is effectively a start-up.