Lockton taps Marsh's Tom Orrico to lead financial institutions practice

Broker Lockton has hired Marsh's Tom Orrico to lead its financial institutions practice as senior vice president and managing director.

In his newly created position, Orrico will be based in New York and will report to Peter Clune, US president and chief operating officer. He will be tasked to develop a vertical strategy for asset managers, insurance companies, investment banks, mutual funds, private equity, security broker-dealers and other financial institutions.

Orrico joins Lockton from Marsh where he built and led the financial institutions practice. He specialised in directors and officers (D&O) liability, professional liability, employment practices liability, cyber liability / network security, and crime for a diverse portfolio of institutions, including banks, investment banks, insurance companies, asset managers, investment funds, security broker-dealers and FinTech entities.

“Tom is widely considered the industry leader in the financial institutions sector by his clients, insurers and the competition,” said Ron Lockton, president and chief executive officer, Lockton Companies. “He is yet another example of the very best in the industry choosing Lockton because our private ownership and entrepreneurial culture make a difference to clients in today’s consolidating marketplace.”

Clune added: “Tom is a creator and an innovator. He is the best-of-the-best in the industry and a great fit for Lockton. We are excited Tom has joined us and are eager to see what he can create in a culture of empowerment, where there is freedom to better serve clients and develop bespoke solutions to meet their unique needs.”

Orrico commented: “I am very excited to join this elite firm, with world-class talent that is truly client-centric. I look forward to adding value, helping build deeper industry expertise to ensure Lockton clients thrive and creating new opportunities for an aggressively growth-oriented company.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

Insurers need better digital strategies: report

No-deal Brexit to have limited effect on insurers’ ratings: S&P

Senior Swiss Re, AmTrust underwriters join HDI Global Specialty UK

Guy Carpenter head of international facultative operations exits

Liberty Mutual reveals changes in Continental Europe after key acquisitions

Globe Underwriting appoints new head of marine following departure

Feature:  10 ways insurers are using insurtech to drive new business