New appointee says he is looking forward to create ’the insurance market of the future’
Steve Hearn is set to become the new chair of Placing Platform Limited (PPL), according to a statement released yesterday (11 July 2023).
Hearn will succeed ex-Hiscox chief executive Bronek Masojada, who will step down from the role at the electronic placing platform for the London insurance market at the end of July.
Hearn has years of experience in the London insurance market and most recently served as chief executive of Inver Re.
Joe Gordon, chief executive of PPL, said he was looking forward to work with Hearn in his new role.
Hearn added: “PPL is a unique organisation, the largest digital provider for the London insurance market, non-profit making and owned by the people who use it.”
Experience
During his career, Hearn has also been the chief executive of Corant Global, Ed Broking and deputy chief executive and president of Willis Group.
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Hearn also chaired both the London Market Group and London and International Insurance Brokers Association (Liiba) – two key stakeholding organisations for PPL.
Speaking about his new role, he said: “PPL exists to help deliver the right digital placement for London and I am excited to work with chief executive Joe Gordon and our market partners – Lloyd’s, the Associations, the Data Council and the Joint Venture – on creating the insurance market of the future, a market that will be better, faster and cheaper.”
Meanwhile, Gordon also paid tribute to outgoing chair Masojada, who was appointed as SiriusPoint’s new board of directors chair last month (5 June 2023).
Masojada joined Hiscox in 1993 as group managing director before being appointed chief executive in 2000.
During his time at Hiscox, the firm grew its revenues from $500m (£399m) to almost $5bn (£399bn) and expanded from a single office in London to 34 across the world, growing its staff base from 200 to more than 3,000.
“I would like to pay tribute to the extraordinary leadership that Masojada has shown over the five years of his stewardship of PPL, ensuring that we have remained at the centre of market modernisation,” Gordon said.
“On a personal level, I will hugely miss his wisdom and kindness. He will be sorely missed by everyone at PPL.”
Masojada added: “It has been a privilege to chair PPL, working with the market to drive adoption with volumes increasing from 12,000 contracts per annum to over 200,000, supporting the market through the pandemic and to the successful launch of the Next Gen platform.
“I am delighted that such a hugely experienced and well-regarded industry figure as Hearn is willing to step into the role of chair as we move towards becoming a fully digital marketplace.”
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