Lockton Re launched its reinsurance business in 2019. Seven years later it has more than 200 North American facultative clients, more than 500 employees globally, and has just appointed six senior leaders across its property and casualty facultative platform in the region
The appointments formalise a division of responsibility suited to the platform's scale. Rob McNamara (pictured) moves from North American facultative leader to chairman, North America facultative, a strategic advisory role. Craig Wadman takes operational leadership as facultative leader, North America. The appointments also establish co-leader pairs across each line: Michael Pope and Jimmy Gulick for casualty facultative, and Aaron Augustyniak and Sterrett Woods for property facultative.
McNamara joined Lockton Re in 2021 with more than 30 years of facultative and treaty experience. His earlier career spanned Guy Carpenter, where he was a managing director for over a decade, CNA Reinsurance, and Employers Reinsurance Corporation.
Wadman joined in 2022 from Gen Re, where he spent nearly 19 years as a casualty facultative underwriter and later as regional executive, holding P&L responsibility across the western and central United States.
Each class also gets its own focused leadership while the teams remain coordinated.
Capacity limits in casualty have been reduced and rate increases continue in the most volatile lines, including commercial auto, general liability and excess liability, where social inflation, litigation trends, and reserve uncertainty continue to pressure results, according to AM Best. Capacity remains available for well-performing portfolios but underwriting scrutiny has intensified, with tighter terms and higher attachment points common for US casualty business.
A cedant with a well-documented loss record and credible data can still find competitive terms. One that cannot is encountering a much narrower market. The co-leader structure Lockton Re has put in place divides the casualty facultative book between two specialists, a configuration suited to the granular market access and precise account positioning that environment demands.
The global facultative reinsurance market shifted to buyer-friendly conditions at the January renewals, with rate reductions across most lines and regions as capital availability and expanding carrier appetite reshaped negotiations, according to Gallagher Re's Global Facultative Market Report. Reinsurers continued to prioritise data quality and portfolio transparency even as pricing eased.
The leadership restructure is the first major structural move on the facultative side since Robert Bisset became North American CEO in February. Under his predecessor, the platform grew to more than 200 employees and 11 offices across North America. The facultative business has been central to that growth alongside treaty and casualty expansion.
Lockton's global revenue reached approximately $4.5 billion for fiscal year 2026, a 12% year-on-year increase that included 11% organic growth. The firm described it as its sixth consecutive year of double-digit organic growth.
Jeff Fleming, managing partner and head of property and casualty for North America, said the restructure gives the platform greater focus as it continues to grow. Robert Bisset, CEO, North America, attributed the platform's performance to the team's client focus and execution.
