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Hearn to step down as GC CEO at year-end for Klisura

Guy Carptener logo Hearn and Klisura.jpg
Peter Hearn and Dean Klisura

Guy Carpenter CEO Peter Hearn is to retire from his role at the end of the year, making way for current president Dean Klisura, this publication can reveal.

Hearn joined Guy Carpenter in 2015 from Willis Re, where he had been chairman for four years, shortly before Willis announced its merger with Towers Watson.

Hearn has spent more than four decades in (re)insurance broking, having joined the industry via Willis Faber and Dumas in 1978. He remained there until 1981, when he moved to Towers Perrin Forster and Crosby.

The executive joined Willis Re in 1994, tasked with establishing its Philadelphia office. He was promoted to executive vice president in 1997, and president of Willis Re in 2002. He had a spell as CEO of the number-three reinsurance broker from 2005 to 2011, before a four-year period as chairman.

The defection sparked a legal battle between the executive and his former employer that ended in Hearn paying Willis Re $2.8mn.

During his six years at Guy Carpenter, the business has been through a period of significant change, not least thanks to the addition of JLT Re through Marsh McLennan’s acquisition of JLT.

On arrival, Hearn focused his efforts on making efficiency savings at Guy Carpenter, and shifting resources away from transactional broking and towards higher-end consultancy and analytics services.

During Hearn’s tenure, Guy Carpenter’s annual revenue climbed 51%, from $1.12bn in 2015 to $1.7bn in 2020.

When Insurance Insider revealed that Klisura was being named president in September, it was noted that this was likely part of a succession plan for Hearn, who is in his mid-60s.

Klisura was previously president of Marsh Advisory. After his move to Guy Carpenter, his previous responsibilities were divided between president of international Flavio Piccolomini and president of US and Canada Martin South.

Klisura joined Marsh in 1993 and has held a number of roles with the business, including president of global specialties.

Following Klisura’s move, Marsh McLennan also moved another senior Marsh executive into Guy Carpenter, with ex-UK & Ireland CEO Paul Moody named CEO of Guy Carpenter UK in July.

Last month, within parent Marsh McLennan’s third-quarter results, Guy Carpenter reported 15% organic growth compared to a static Q3 last year, with underlying revenue also up 15% year on year at $314mn.

Guy Carpenter declined to comment.

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