Willis Group Holdings has announced that Peter Hearn has been promoted to chief executive officer of Willis Re, where he will oversee the reinsurance unit's global efforts.
The company said Grahame Millwater, who was previously chairman and CEO of Willis Re, will remain as chairman.
Mr. Hearn in taking his post will be managing the firm in a reinsurance market that is rapidly raising rates and cutting back on exposures in the wake of extensive 2005 losses from hurricane activity.
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