Lloyd's of London broker names new CEO

Steve Hearn, CEO of Cooper Gay Swett & Crawford Ltd., will become CEO of the brokerage's Lloyd's of London broker CGNMB L.L.P. when Gordon Newman retires from that role Wednesday, the brokerage announced Monday.

Mr. Newman, who has worked in the insurance industry for almost 50 years, will continue as chairman of the energy and reinsurance divisions of CGNMB, it said.

Cooper Gay Swett & Crawford acquired Newman Martin & Buchan L.L.P., of which Mr. Newman was a founder and executive chairman, in 2013.

“Gordon is a highly respected figure in our industry who has been an integral part of our business,” Mr. Hearn said in a statement. “I am grateful that, despite his decision to retire as chief executive, he has agreed to continue to provide his counsel and support as chairman of our energy and reinsurance divisions.”