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Willis Re, Willis Towers Watson P.L.C.’s reinsurance business, has appointed Tom Wafer as chairman of Willis Re North America, effective in October, while Jeffrey Livingston has been named vice chairman.
The two appointments are new positions and will form the Office of the Chairman for Willis Re, North America, Willis Re said Tuesday in statement.
Mr. Wafer joins from Third Point Re (USA) Ltd., where he was most recently president. Mr. Livingston is returning to Willis Re from Marsh & McLennan Cos. Inc., where he was director of portfolio solutions.
Both men live in the United States, a spokeswoman said in an email.
“I am thrilled to welcome Tom and Jeffrey to Willis Re,” Jim Bradshaw, CEO of Willis Re North America, said in a statement. “Both are highly regarded executives that share a passion and enthusiasm for our business.”
A report by U.S.-based Willis Re Inc. found that reinsurers in the Middle East are pushing retentions higher and commissions to new lows to protect against adverse results in the July 1 renewal season, Middle East Insurance Review reported. There is greater focus on underlying rate adequacy of the portfolio, which is being benchmarked against the market by an increased number of reinsurers, the report added.