Global reinsurance broker WILLIS Re has announced that James Ken will succeed John CAVANAGH as he steps down from his position as global CEO.

John CAVANAGH will retire at the end of December 2017, handing over leadership of WILLIS Re to James KENT, previously deputy global CEO.

James KENT joined WILLIS Re in 2004 and has served as the global deputy CEO since December 2016. He was appointed President of North America in 2010, and before this ran the WILLIS Re Bermuda operations. Earlier in his career, he spent 13 years with AON Re (now AON Benfield).

Commenting on his appointment, James KENT, said: ''It has been a pleasure to work with John over the past few years to cement WILLIS Re's position as one of the world's leading reinsurance advisors. It is also appropriate that John's significant contribution to our industry is recognized as it marks exactly 42 years to the day since he began his career in reinsurance".

John CAVANAGH said: "It has been a privilege to serve as CEO of WILLIS Re, where we have successfully grown the business in the face of very tough market conditions. I am delighted that James KENT is taking over from me as global head; he is an exceptional talent and I have no doubt WILLIS Re will continue to go from strength to strength under his leadership".

CAVANAGH's career in the (re)insurance market started in July 1975. He has led the WILLIS Re business as chief executive officer since 2012. He joined WILLIS Re in 2009 having spent 21 years at the CARVILL Group where he was joint CEO. Prior to this, he was the deputy managing director of MINET Re and a director of the North America reinsurance division at WILLIS FABER and DUMAS.