Cooper Gay Swett & Crawford (CGSC) CEO Steve Hearn will succeed the retiring boss of wholesale Lloyd’s broker CGNMB, the business group has announced.
Hearn will assume the responsibilities of Gordon Newman who is set to step down from the helm this month. Newman will continue to serve as chairman of the energy and reinsurance divisions at CGNMB, a member company of the CGSC group.
Hearn thanked Newman for his work at CGNMB, calling him 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,” said Hearn.
“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,” he added.
Explaining his decision to retire, Newman said it is the proper time for him to leave the CEO role following the successful completion of the NMB and Cooper Gay merger that gave birth to CGNMB.
“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 calibre of its people and the backing of its investors, CGNMB is well positioned to grow and prosper as an independent broker.”
Newman started his insurance career in 1967 when he joined the energy division of Bland Welch. He also served as founding director of Willis
Faber’s oil and gas division and as managing director of Seascope Insurance Holdings Limited from 1982 to 1987.
In 1987, Newman and some of his colleagues founded Newman Martin and Buchan Limited and worked as its chairman who oversaw its successful development as a leading independent Lloyd’s insurance and reinsurance broker.