Peter Stubbings has been named the new chief executive officer of the Bermuda office of reinsurance broker and risk adviser Guy Carpenter & Company.

The appointment takes place with immediate effect, the firm announced today. In addition, Richard Keegan is to join the Bermuda team as senior vice-president in May.

Previously chairman of the Bermuda office, in his new role Mr Stubbings will be responsible for both the retrocession and international reinsurance treaty practices, as well as overseeing new business development and the wholesaling of the firm’s US business into the Bermuda market.

He will continue to report to Kevin Fisher, Guy Carpenter’s CEO of Global Specialties.

Mr Fisher said: “Our Bermuda office is market-renowned for the strength and depth of experience and expertise that is represented within the team.

“Peter has over 34 years of experience across the reinsurance market and since taking up the role of chairman has secured his position as a key figure within the Bermuda market.”

Mr Fisher added that Mr Keegan will work closely with the retrocession team as well as supporting the wholesaling of the US business.

Mr Keegan joins Guy Carpenter from Aon Benfield in Bermuda, where he was a property retrocession broker, and will report to Mr Stubbings.