Guy Carpenter & Company has announced a management shake-up which will bring a new chairman and a new CEO to the reinsurance broker's Bermuda office.

Kevin Fisher, CEO of Global Specialties, will relocate from Bermuda to the firm's London office.

Peter Stubbings has taken up the position of chairman of the firm's Bermuda operations. Mr Stubbings was formerly Guy Carpenter's CEO of Continental Europe and the MENA region, a role which has been taken by Massimo Reina.

Tony Fox has been promoted to the job of the Bermuda office CEO.

In his new position, Mr Stubbings will be responsible for the International and Retro business conducted on the Island.

Both Mr Stubbings and Mr Fox will report to Mr Fisher, who is due to move to London next month.

Mr Fisher said in a statement: “We are delighted with Peter's move to the Island, where his experience in the London and International markets will complement Tony's local Bermudian presence and US relationships.

“We expect the combination of the two to consolidate our position as the Island's leading reinsurance broker.”