Lockton Re Appoints New Leaders Amid Growth in Facultative Sector
In a strategic move to enhance its property and casualty facultative platform, Lockton Re has appointed six senior leaders, reflecting its significant growth since its reinsurance operations commenced in 2019.
Lockton Re has rapidly expanded its footprint, serving over 200 North American facultative clients and employing more than 500 people globally. The recent appointments follow a structural adjustment intended to refine leadership roles in line with the platform's size and complexity. Rob McNamara will transition from his role as the North American facultative leader to chairman, focusing on strategic advisory. Craig Wadman will step into the role of facultative leader for North America. The leadership will also see Michael Pope and Jimmy Gulick co-leading casualty facultative, whereas Aaron Augustyniak and Sterrett Woods will co-lead property facultative.Leadership Experience and Strategic Impact
Rob McNamara, who has been with Lockton Re since 2021, boasts over three decades of experience from notable positions at Guy Carpenter, CNA Reinsurance, and Employers Reinsurance Corporation. Craig Wadman, joining in 2022 from Gen Re with nearly 19 years of expertise, strengthens the firm's leadership with his experience as a casualty facultative underwriter and regional executive. This new structure aims to maintain focused leadership within each class while ensuring coordinated efforts across teams.Market Challenges and Opportunities
The casualty insurance market continues to face challenges, including reduced capacity limits and rate hikes, especially in volatile lines such as commercial auto, general liability, and excess liability. According to AM Best, these challenges stem from social inflation, litigation trends, and reservation uncertainties. Despite these pressures, portfolios displaying strong performance still manage to secure competitive terms, although with increased underwriting scrutiny and stricter terms.Expanding Footprint in North America
This leadership restructuring follows Robert Bisset's elevation to North American CEO earlier this year, marking a continuation of Lockton Re's strategic expansion. During the tenure of Bisset's predecessor, Lockton Re's North American presence grew to encompass over 200 employees across 11 offices. The facultative sector has been pivotal to this expansion, supported by continuous developments in treaty and casualty markets.Financial Growth and Strategic Focus
Lockton's global revenue reached approximately $4.5 billion in the fiscal year 2026, reflecting a 12% increase over the previous year and marking the sixth consecutive year of double-digit organic growth. Jeff Fleming, the managing partner and head of property and casualty for North America, emphasizes that the recent restructuring enhances focus and allows the platform to better manage its expansion. CEO Robert Bisset attributes the company's success to its client-centric approach and execution.Key Appointments and Leadership Structure
- Rob McNamara: transitions to Chairman
- Craig Wadman: assumes role as Facultative Leader, North America
- Michael Pope & Jimmy Gulick: co-lead Casualty Facultative
- Aaron Augustyniak & Sterrett Woods: co-lead Property Facultative