The long-serving managing director of professional services firm KPMG is to retire at the end of the year.

Richard Lightowler, who is also head of insurance, will leave after 23 years at the firm.

Neil Patterson, KPMG Bermuda chairman, said: “Richard has been an outstanding leader of our insurance practice during which time he has successfully acted as the lead partner on many of our largest and most complex clients, including Securities Exchange Commission registrants and UK-listed entities, as well as providing a wide variety of advisory services across the sector.

“His contribution to our firm has been immense, not only in the Bermuda marketplace where he has built a professional services team that is second to none, but also in coaching and mentoring our best and brightest, especially his efforts to make our firm more inclusive and gender diverse through our K-Women programme.”

He added: “On behalf of everyone at KPMG in Bermuda, I would like to thank Richard for his outstanding contributions and valuable service to our firm and I wish him every success as he takes a career break with his wife Clare and children Charlie and Grace, although I am sure we have not seen the last of just yet.”

Mr Lightowler said: “It has been a privilege to work alongside so many talented people at KPMG in Bermuda.

“The camaraderie and teamwork is exceptional and I know that with the people we have, the firm will continue to go from strength to strength.

“I’d also like to thank our clients for their support through the evolving landscape, numerous challenges and many shared successes — it has been a fantastic 23 years.”

The role of head of insurance will be taken over by Mike Morrison from the start of next month. Mr Lightowler will work with Mr Morrison and James Barry, head of audit, in the transition period before his departure.

Mr Patterson said: “Mike has been the head of advisory for the past five years and brings a wealth of international reinsurance advisory expertise to the role.

“Under Mike’s leadership, I am confident about the future of our firm and in the professionals we have in place to serve our clients and to drive our business forward.”

Mr Lightowler joined KPMG in 1993 and became one of the firm’s youngest-ever partners in 1998.

He has led the KPMG insurance practice since 2003.

Mr Lightowler also serves on government’s Insurance Advisory Committee and is chairman of the Acts and Regulations subcommittee and was also credited with a significant role in helping the Bermuda Monetary Authority’s successful bid to achieve European Union Solvency II equivalence, ensuring a level playing field in Euro nations for Bermuda business.