Pete Cangany has been promoted to Ernst & Young Ltd’s senior partner in Bermuda, replacing Gil Tucker who will move into the role of chairman.

The leadership changes will take effect on July 1.

Since January 2013, Mr Cangany has served as insurance leader for the EY Bahamas, Bermuda, British Virgin Islands and Cayman Islands region, and he will continue to lead the regional insurance teams, in addition to his new responsibilities.

He has more than 30 years of experience serving insurance clients and coordinating audit services for global financial services organisations.

As senior partner on the Island, Mr Cangany will focus on building the firm’s presence in Bermuda and strengthening its client delivery teams and capabilities across the insurance, wealth and asset management and banking sectors.

“Over the past several years, we have built an extraordinarily strong and high-performing leadership team in Bermuda, while expanding the range of services and expertise we can provide to our clients,” said Mr Cangany. “We are well-positioned to help our clients access the market strategically and capitalise on new growth opportunities.”

During his career, Mr Cangany has been responsible for coordinating audit services for companies with a wide range of size and complexity, including FORTUNE 100 financial services organisations with global operations, US domestic insurance enterprises and a number of Bermuda-based global reinsurance companies.

“We are pleased to have Pete assume his new role in the Bermuda firm,” said Dan Scott, regional managing partner for the EY Bahamas, Bermuda, British Virgin Islands and Cayman Islands region.

“It’s an exciting time in the market, as our clients seek to effectively compete and grow. Pete has been instrumental in helping our clients in the region respond to challenges and operate more effectively. Gil will continue to champion and develop EY’s brand with a particular focus on public policy matters affecting the Bermuda marketplace.

“Having Pete in this role, paired with Gil’s continued guidance, will allow EY to further coordinate expertise globally providing superior customer service locally, an approach that has been key to our continued performance in the Bermuda market.”

Prior to joining the Bermuda firm, Mr Cangany served as coordinating partner for some of the largest insurance and reinsurance clients of Ernst & Young LLP. He began his career in the firm’s Indianapolis office and has also worked in its Seattle, San Antonio and New York offices.