Reinsurance broker Guy Carpenter has appointed Willis Re Chairman Peter Hearn as CEO.

But Mr Hearn, who has 30 years of reinsurance industry experience, will not take over from Alex Moczarski until May next year, honouring a non-competition agreement.

Mr Hearn was CEO of Willis Re from 2006-11, and before that spent a decade at Towers Perrin Reinsurance.

Mr Moczarski will continue as Guy Carpenter President and CEO until Mr Hearn’s arrival, after which he will serve full-time as Chairman of Marsh & McLennan International.

Meanwhile, Marsh President and CEO Peter Zaffino has been appointed Chairman of the company’s risk and insurance services operation, which includes Marsh and Guy Carpenter, in addition to his current responsibilities.