Lockton, a US-based insurance brokerage firm, has established its new global reinsurance business, as part of its business expansion strategy.
Known as Lockton Global Re, the new business will be headed by a team created by three senior executives from Guy Carpenter.
The team includes Tim Gardner, current CEO of North America Operations for Guy Carpenter; Claude Yoder, current managing director and global chief innovation and product development officer for Guy Carpenter; and Nick Durant, current managing director for Guy Carpenter.
Lockton Global Re will be a major build out of Lockton’s reinsurance capabilities and incorporate Lockton’s internationally specialty team based in London.
Lockton president and CEO Ron Lockton said: “By adding this outstanding, experienced and innovative leadership team, Lockton is going all in on reinsurance.
“We are filling a void in the marketplace, building our platform the right way by focusing on value creation for our clients. With encouragement from our key trading partners who hunger for choice and innovation, we make this commitment to the reinsurance space.”
Gardner brings more than 20 years of reinsurance and insurance business experience with Marsh & McLennan Companies.
Most recently, he worked as CEO of North American Operations for Guy Carpenter. Prior to that, Gardner served as head of sales for the international division at Marsh.
Earlier, he worked as global leader of the Marsh risk management segment and served as COO for Marsh’s US and Canada Divisions.
Yoder has over 25 years of experience in insurance, underwriting, risk management, product development and research and development.
Very recently, he was working as managing director and global chief innovation and product development officer for Guy Carpenter. Before that, he served as head of Marsh Global Analytics.
Prior to re-joining Guy Carpenter in 2017, Durant headed Marsh’s captive solutions business. He has 20 years of reinsurance experience.
Lockton chairman David Lockton said: “With this team we aim to build a best of breed reinsurance brokerage business, creating for our reinsurance clients the unique customer experience that we’ve always created for our existing clients.”
The new leadership team will incorporate with Lockton’s reinsurance capability, Lockton Re US, and Lockton Re UK.