Steve Hearn, the chief executive of Bermudian-based Inver Re, is to leave the business this summer.

Mr Hearn joined Inver Re in 2021 after the acquisition of BGC’s insurance assets by Inver Re’s parent company, the Ardonagh Group.

As Inver Re’s CEO, the company said, Mr Hearn led the business through its establishment and a period of sustained growth and diversification, bringing together talented reinsurance teams from across Ardonagh and the broader market.

It said Inver Re is today the largest independent reinsurance broker in Bermuda, with specialist teams across Bermuda, London and the United States spanning treaty and facultative reinsurance, capital solutions and strategic advice.

Andrew Wallin will lead Inver Re as interim CEO during the process to appoint a permanent successor.

Ardonagh Group’s chief executive officer, David Ross, said: “Steve has achieved everything he set out to do when he joined us two years ago and more.

“His legacy is a thriving business known for collaboration and innovative solutions for clients — a much needed specialist in a consolidated market. He leaves with our gratitude for a job superbly well done.”

Mr Hearn said: “I’m incredibly proud of the client-centric proposition that Inver Re has become famous for, the talent that has been assembled and the considerable early wins. It has been a privilege to lead this business and its executive team.

“I wish David Ross, Andy Wallin, my many friends and colleagues continued success as they build a fabulous business.”