Lockton Re eyes Bermuda expansion; hires broking chief from Aon

Lockton Re, the global reinsurance arm of broker Lockton, has appointed Thomas Parcell as chief broking officer for its new Bermuda platform, which it says is an "immensely important reinsurance hub" where the company seeks to expand its retrocession/ILW capabilities and service offerings.

Parcell started his career at Aon in London with experience in financial services, and accident, life & health before moving to Aon Benfield in 2013 as a non-marine retrocession broker, followed by a move to Bermuda in 2016, most recently in the role of global head of the ILW practice.

“We are delighted to have Tom join Lockton Re, his experience and standing in Non-Marine Retrocession and ILW trading brings further depth and breadth to the expertise that we deliver to our clients,” said Keith Harrison, international CEO of Lockton Re. “Bermuda is an immensely important reinsurance hub and Lockton Re’s twelfth location - a significant milestone for our continued growth.”

Parcell said: “I’m incredibly excited to join Lockton Re and be a part of Lockton Re Bermuda. Our alignment with the London, US, and global teams, alongside the deep expertise and relationships on the island, positions the Bermuda office in a great place to deliver for our clients and the core values we stand for as a business.”

Nick Durant, North America CEO at Lockton Re, commented: “Our global Retrocessional capability is another exciting step in Lockton Re’s focus on offering our services in a way that reflects what clients need and want. The collaborative ethos that sits at the heart of the business means our growing Bermuda platform is another important part of the global teams we can create to work seamlessly across the Atlantic to provide the best possible outcomes to clients.”

Tim Gardner, global CEO of Lockton Re, added: “Bermuda is a natural evolution in our strategy and a key part of the Lockton Re global servicing proposition. Tom joins Vittoria Canale our Operations Executive on the Island and they will be joined later this year by additional industry talent. Coupled with our strong London based Retrocession and Property Specialty team we are creating a formidable force in this important part of the industry.”

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