Lockton Re, the reinsurance business of the privately held independent global broking firm, has announced a key hire in Bermuda, taking Thomas Parcell from Aon as its new Chief Broking Officer on the island.
Lockton Re has been building out its Bermuda platform of late and Parcell marks a key move into the non-marine retrocessional reinsurance broking space.
Parcell was most recently Global Head of the ILW Practice at rival Aon in Bermuda and he now brings key experience in that important hedging market to Lockton Re.
Keith Harrison, International CEO, Lockton Re, commented on the hire, “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. Bermuda is an immensely important reinsurance hub and Lockton Re’s twelfth location – a significant milestone for our continued growth.”
Nick Durant, North America CEO, Lockton Re, added, “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, Lockton Re, also said, “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.”
Parcell began his career at Aon in London, broking business in the Financial Services, and Accident, Life & Health lines, before moving to the reinsurance side at Aon Benfield in 2013 as a Non Marine Retrocession broker.
He moved to Bermuda in 2016, most recently holding the role of Global Head of the ILW Practice.
Parcell commented on his move to Lockton Re, “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.”