Guy Carpenter has promoted John Fletcher to the role of chairman of the firm’s Bermuda operations, with immediate effect.

Mr Fletcher was most recently head of the firm’s property retrocessional practice in Bermuda, where he has been based since 2013.

The move follows the departure of Peter Stubbings, former chief executive officer of the Bermuda office, to rival Aon Benfield.

In his new role Mr Fletcher will be responsible for the development of new business as well as overseeing the activities of the casualty, specialty and retrocessional teams in the region. He reports to Kevin Fisher, president of Global Specialties at Guy Carpenter.

The company said Mr Fletcher’s promotion formed part of its long-term succession-planning strategy. He has 30 years of reinsurance industry experience, all at Guy Carpenter.

He joined the firm in 1988, and during his career has worked primarily in the property retrocession market both in London and Bermuda.

In addition, James Morris has joined Guy Carpenter’s Bermuda team from Aon, as senior vice-president and actuarial analyst.

He joins the global property specialty team and provides broking and analytical services to clients and markets both in Bermuda and on a global basis.

At Aon Bermuda, Mr Morris was senior technical reinsurance analyst in the firm’s global reinsurance specialty division.

Mr Fisher said of Mr Fletcher’s promotion: “John’s promotion to the post of chairman is fully deserved and is a central part of our ongoing efforts to strengthen our presence in Bermuda. Over the last five years, he has led the property retrocession team to great success, and as he takes the helm of our Bermuda office he will look to expand our activities, targeting new areas for growth and seeking to enhance the expansive service capabilities that the division offers.

“I would also like to welcome James to our Bermuda team, who I am sure will make a very strong contribution to our ongoing success.”

Timothy Gardner, president of North America operations at Guy Carpenter, added: “Our Bermuda office provides one of the largest reinsurance broking operations on the island, offering access to a huge range of expert knowledge, as well as a direct link to the full range of Guy Carpenter’s global capabilities.

“We are always looking to bolster that expertise, and with James joining the Bermuda team, we are adding someone with vast experience in structuring reinsurance and retrocession solutions and who has a thorough understanding of the specific characteristics of the Bermuda market.”