Steve Hearn, formerly the CEO of Bermudian-based Inver Re, has become the chairman of Placing Platform Limited.

Mr Hearn, whose departure from Inver Re was announced last week, succeeds Bronek Masojada who will step down at the end of the month.

Mr Masojada, who was named chairman of Bermudian-headquartered SiriusPoint Ltd in May, has served as chairman of PPL since March 2018.

The company said Mr Hearn is a long-time industry leader in the London insurance market.

Aside from the top post at Inver Re, he has been CEO of Corant Global, Ed Broking, and deputy CEO and president of Willis Group.

He has chaired both the London Market Group and Liiba, two key stake holding organisations for PPL, the company said.

Mr Hearn said: “I am excited to work with CEO Joe Gordon and our market partners, Lloyd’s, the Associations, the Data Council and the Joint Venture; on creating the insurance market of the future -- a market that will be better, faster and cheaper.”

Mr Masojada said: “It has been a privilege to chair PPL, working with the market to drive adoption with volumes increasing from 12,000 contracts per annum to over 200,000, supporting the market through the pandemic and to the successful launch of the Next Gen platform.

“I am delighted that such a hugely experienced and well-regarded industry figure as Steve Hearn is willing to step into the role of chair, and he does so at a critical time for the industry, as we move towards becoming a fully digital marketplace.”

Joe Gordon, CEO of Placing Platform Limited, said: “I look forward very much to working with Steve in his new role as chair.

“I would also like to pay tribute to the extraordinary leadership that Bronek has shown over the five years of his stewardship of PPL, ensuring that we have remained at the centre of market modernisation.

“On a personal level, I will hugely miss his wisdom and kindness. He will be sorely missed by everyone at PPL.”

Placing Platform Limited is a not for profit company set up in 2016 with a pioneering vision: to create a single market solution for electronic placing that would allow brokers and insurers to quote, negotiate and bind business electronically.

Since the first risk was bound on the platform in July 2016, PPL said, it has expanded to cover almost all classes of risks placed in the London market, and is used by around 200 carriers and 200 broker firms.