CGNMB LLP, the London-based Lloyd’s broker, announced that Gordon Newman will retire from his role as CEO on April 20.
Subject to regulatory approvals, his role and responsibilities will be assumed by Steve Hearn, CEO of Cooper Gay Swett & Crawford Ltd. (CGSC), CGNMB’s parent company. Newman will continue to serve CGNMB as chairman of its energy and reinsurance divisions.
Newman started 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 Ltd., with responsibility for its insurance broking business. Along with a small group of colleagues, he founded Newman Martin and Buchan Limited (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. Ltd., CGSC’s existing Lloyd’s Broker, to form CGNMB, under Newman’s leadership.
“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,” Newman said.
“I strongly believe that ours is and will continue to be a people business and that, given the caliber 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,” Newman continued.
“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,” Hearn commented.
“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,” Hearn went on to say.
Source: Cooper Gay Swett & Crawford (CGSC)
Topics Agencies Excess Surplus Reinsurance Lloyd's
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