Lockton Re looks to rival to expand in speciality/casualty market

Lockton Re, the global reinsurance business of broker Lockton, has bolstered its Bermuda team with the hiring of a senior broker from Gallagher Re.

Patrick (Paddy) Bousfield has over 12 years of treaty and facultative experience working in various global re/insurance hubs including Toronto, Sydney, London and New York. He joins from Gallagher Re (previously Capsicum Re) in New York, where he led the cyber offering as part of Gallagher Re’s Specialty team. Bousfield has received a number of industry awards and accolades including the Intelligent Insurers Rising Stars award.

"We’ve highlighted the Speciality / Casualty market as an expanding area for Bermuda," said Jonathan Davies, CEO, Lockton Re Bermuda. "Paddy’s background and success in Cyber and Specialty lines is a sign of our commitment to developing these capabilities locally. Paddy’s strong relationships, entrepreneurial flair and respected expertise is a great fit for our culture."

Robert Bisset (pictured), chairman of global retrocession & property specialty, Bermuda and Market Capital, added: “Paddy and our great team in Bermuda are working with colleagues globally to bring the best of Lockton Re to our clients and markets. The success we are having on the island and more widely has been testament to our focused strategy and exceptional talent.”

Keith Harrison, international CEO of Lockton Re, said: “While Paddy will be based in Bermuda, we operate as global teams in so much of what we do. Paddy will be yet another lynch pin connecting our expertise in London, North America and Bermuda, for our Specialty and Casualty classes, and no more so than in Cyber reinsurance and retrocession.”

Nick Durant, North America CEO, Lockton Re, concluded: “We are invested heavily in Cyber, Casualty and Specialty lines expertise on both sides of the Atlantic and so further connecting that expertise with markets and clients in Bermuda is a natural extension. We look forward to working with Paddy.”

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