Ron Lockton has returned to his former role as chief executive of Lockton Companies, the global insurance and reinsurance broker with operations in Bermuda.

Lockton operates two licensed brokers on the island — Lockton Companies International (Bermuda) Ltd and Lockton Re (Bermuda) Ltd.

Mr Lockton, who was CEO from 2017 until 2020, succeeds Peter Clune, who was appointed to the position as Mr Lockton’s successor but is now being replaced by him.

The son of the brokerage’s late founder, Jack Lockton, had been serving as executive chairman of the company.

In a widely reported statement, Lockton said: “The Lockton board of directors, Mr Lockton, and former CEO Peter Clune have mutually agreed that now is the moment for Peter to step down as CEO.”

Before taking the top job, Mr Clune served as US president and COO of Lockton.

Announcing Mr Clune’s appointment as CEO, then company chairman David Lockton, Ron Lockton’s uncle, said: “Peter is one of very few non-Lockton family members to be CEO in the firm's 53-year history.

"During his tenure as US president, he has made several key decisions that have been critical to ensuring Lockton's double-digit growth. He's a collaborator, a consensus builder and the right leader for Lockton."