The top man at professional services firm EY Bermuda is to stand down after 37 years with the company.

Pete Cangany, senior partner at EY, will be replaced next summer by David Brown, most recently insurance leader for the southwest region of the US.

Mr Brown, a native of Texas, has spent 27 years with the firm. It is not his first time in Bermuda — he worked for EY on the island between 2006 and 2011.

“I have just recently relocated back to Bermuda within the last couple of months. I am certainly looking forward to working with our people and servicing our clients,” he said.

“We are just going to continue to be focused — we’ve been having great success in reinsurance and insurance, as well as asset management.”

He added that the EY advisory practice had also been “growing rapidly” and would also be a focus for the future.

“We’ve already started the transition, so Pete and I will be working closely together.”

Dan Scott, regional managing partner for the EY region including Bahamas, Bermuda, the British Virgin Islands and the Caymans, said: “Under Pete’s leadership, we have been able to build a high-performing team in Bermuda, enhance our relationships with stakeholders across the market and expand our range of services and expertise.

“We are very excited to have David assume this role and contribute to our legacy of leadership.

“His deep insurance and reinsurance experience, coupled with his knowledge of the market, will allow us to bring even more global resources to our Bermuda clients and help them capitalise on new opportunities.”

He added: “We are pleased to have Pete remain in the role through the end of June to provide guidance and assist in the transition process.

“We are very pleased that we continue to see growth opportunities. We’re very excited about the opportunities and things that are happening in Bermuda and the role Bermuda plays in the capital markets, particularly in reinsurance and insurance.”

And he added the firm was delighted to “attract David’s talent back to Bermuda.”

Mr Cangany, also insurance leader for the EY Bahamas, Bermuda, British Virgin Islands and Caymans region, has been senior partner on the island since July, 2014 and regional insurance leader since the start of 2013.

Mr Brown has decades of experience working with large multinational clients, including insurance companies, US domestic insurance firms and Bermuda-based global reinsurance companies.

In addition, Jessel Mendes will take over the new role of regional growth markets leader, with immediate effect, in tandem with his current job as partner.

Mr Scott said: “With Jessel taking on a new role, we now have a great opportunity to serve our clients’ rapidly-evolving needs and accelerate growth.”