Willis Re Chairman and former CEO Peter Hearn is jumping ship, moving over to Guy Carpenter as its next leader.

Hearn won’t become chief executive officer of the Marsh & McLennan-owned reinsurance broking and advisory firm until May 2016, in order to honor the terms of a non-compete agreement with Willis, according to the Marsh announcement.

Hearn will replace Alex Moczarski, who will remain in the Guy Carpenter president and CEO slot over the next year. Once Hearn makes the transition, Moczarski is expected to serve full time in his role as chairman of Marsh & McLennan International, and will continue reporting to Daniel Glaser, the company’s president and CEO.

Hearn will be coming to Guy Carpenter with years of industry experience. He was CEO of Willis Re from 2006 through 2011, after which he became chairman.

Hearn also has executive experience from more than a decade at Towers Perrin Reinsurance.

In other Marsh & McLennan news, Peter Zaffino, president and CEO of Marsh LLC, will take on an additional role as chairman of the company’s risk and insurance services segment, which includes Marsh and Guy Carpenter.

Source: Marsh &McLennan Companies