18 April 2016 Insurance

Cooper Gay boss named as CEO of Lloyd’s broker

CGNMB, a London-based Lloyd’s broker, has announced that Gordon Newman will retire from his role as chief executive officer (CEO) on April 20.

His role and responsibilities will be assumed by Steve Hearn, CEO of Cooper Gay Swett & Crawford (CGSC), CGNMB’s parent company.

Newman will continue to serve CGNMB as chairman of its energy and reinsurance divisions. He began his insurance career with the oil and energy division of Bland Welch in 1967. Subsequently, he was a founding director of Willis Faber's oil and gas division and from 1982 to 1987 was managing director of Seascope Insurance Holdings, with responsibility for its insurance broking business.

Along with a small group of colleagues, he founded Newman Martin and Buchan (NMB) in 1987 and as executive chairman oversaw its successful development as a leading independent Lloyd's insurance and reinsurance broker. Following its sale to CGSC in 2013, NMB’s business was combined with that of Cooper Gay & Co, CGSC’s existing Lloyd’s Broker, to form CGNMB, under Newman’s leadership.

Newman said: “With the integration of NMB and Cooper Gay as CGNMB successfully completed, I believe that now is the right time for me to step down from day to day executive responsibility, having enjoyed almost 50 years in the market. I strongly believe that ours is and will continue to be a people business and that, given the calibre of its people and the backing of its investors, CGNMB is well positioned to grow and prosper as an independent broker.

“As chairman of its energy and reinsurance divisions I look forward to being a part of that future.”

Hearn added: “Gordon is a highly respected figure in our industry who has been an integral part of our business. I am grateful that, despite his decision to retire as chief executive, he has agreed to continue to provide his counsel and support as chairman of our energy and reinsurance divisions.

“We now have the resources to embark on the next stage of our strategy, which will become increasingly apparent in the coming months and I am certain Gordon will continue to play a key role in our Group’s future.”

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