Insurance and reinsurance broker Willis Group Holdings has announced industry veteran Paul Scope will head up its Bermuda operation.

Mr Scope has been appointed chairman of Willis Bermuda and he will oversee Willis’s risk adviser, insurance and reinsurance business on the Island.

Mr Scope said: “As well as being one of the world’s pre-eminent reinsurance and insurance hubs and its chief captive domicile, Bermuda is also leading the charge as a provider and user of alternative risk transfer.

“A favourable business environment and a truly enviable concentration of underwriting talent and capital mean that Bermuda can rightly claim the title of the world’s risk capital.

“I look forward to harnessing this innovative spirit and delivering the most highly-tailored risk management solutions for our clients.”

Mr Scope was chairman and CEO of Bermuda-based JLT Park, the specialty insurance and reinsurance division of UK-listed broker Jardine Lloyd Thompson (JLT) before taking up his new role.

He has spent 30 years in the Bermuda market and was earlier chairman and CEO of the Park Group, which had offices in Bermuda, the UK, US and Canada.

Willis has operated in Bermuda since 1979 and employs around 35 full-time staff on the Island.

Steve Hearn, the deputy CEO of Willis Group, said: “Paul is a highly-respected figure ini the industry with a distinguished list of achievements. I am personally delighted to welcome him to Willis where his unique skills and experiences will allow him to drive the continued development of our client offering and our business.”

The news came as more than 20 Willis coin, fine art and jewellery specialists in London quit to join JLT specialty.

David Gordon, former global managing director of Willis’s fine art, jewellery and coins division, will become CEO of the same specialisation with JLT.