Lockton Re has appointed Jeremy England Lee as chairman of its Bermuda operation, in a move the company said marked the first step in greater investment in the island.

The veteran broker is expected to relocate to Bermuda in early 2027, subject to regulatory approvals.

The newly created role comes as Lockton Re prepares for the January 1 renewal season and looks to expand its senior capabilities in Bermuda.

Tim Gardner, the global chief executive of Lockton Re, said Bermuda is vital to the company’s success.

He said: “We appreciate the opportunity that persists in Bermuda and we are committed to ensuring that we have the right leadership and team to support the multifaceted opportunity on the island.”

Mr England Lee, known as Jez, joined Lockton Re’s non-marine retrocession and property specialty division in 2021. He has almost five decades of experience in the industry, including roles at CT Bowring, Carpenter Bowring, Benfield and Aon.

He has a strong background in retrocession — reinsurance purchased by reinsurers to manage their own exposure — and will work alongside Bermudian-based partners including Tom Parcell, the chief broking officer, and Ben Ryan, a senior broker.

Mr England Lee said that he looked forward to expanding Lockton Re’s support for business on the island and for global clients.

Matt Foreman, Lockton Re’s head of non-marine retrocession and property specialty, said Mr England Lee’s experience, industry network and focus on talent development would help the company grow its Bermuda business.

Lockton Re opened its Bermuda office in 2021, with Jonathan Davies as its chief executive. The company has said the office supports clients based in Bermuda while linking its operations on the island with teams in London and the United States.

Mr England Lee’s appointment follows a leadership change earlier this year, when Robert Bisset, who had held Lockton Re’s global retrocession, property specialty, Bermuda and market capital chairman role, became CEO of the company’s North American business.

The appointment comes as Bermuda’s reinsurance market approaches the 2027 renewal season with expectations of further but more moderate declines in property catastrophe reinsurance prices. A Fitch Ratings survey reported that the market expects competition to lead to looser terms and conditions for buyers.

Lockton Re said it expected to make more announcements about its Bermuda office in the coming weeks and months.