John Cavanagh, a senior reinsurance industry figure with a history of capital markets and insurance-linked securities experience, is taking over as CEO of Willis Re, the reinsurance broking arm of Willis Group. Cavanagh succeeds Steve Hearn who moves on to become Chairman and CEO of Willis Global. The appointment of Cavanagh as CEO could bring a new capital markets focus to Willis Re.
Willis Group have an active capital markets division but the appointment of Cavanagh could help to bring a renewed focus on ILS and capital markets solutions to their reinsurance broking arm.
According to the announcement of his appointment Cavanagh was instrumental in the delivery of the ‘Insurance-Linked Securities (ILS) transaction at Lloyd’s and acted as advisor on the first ever Casualty ILS’, we’re not sure which transactions those are and the release doesn’t detail that. Cavanagh also helped to set up the Carvill Hurricane Index (CHI), which was bought by the Chicago Mercantile Exchange and is still used today as the index against which hurricane derivatives are traded and priced.