Simon Rice will become managing director of business development

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Lloyd’s broker Lonmar Global Risks chief executive Simon Rice will be stepping down from the role on 31 March.

He will become managing director of business development and will remain on the board of Lonmar and its parent company, Centrix Insurance Holdings.

David Pexton will replace Rice as chief executive of the broker.

Pexton has been on the board of Lonmar for 10 years - most recently as managing director of its non-marine division.

Lonmar chairman Howard Steeples said: “Simon has done an excellent job in leading Lonmar through an important period of its development for which I’d like to thank him.

“I am very pleased that David has accepted the chief executive role- he has been running our largest trading division for some time and I look forward to continuing to work closely with him.”

Rice added: “I have thoroughly enjoyed my time as chief executive of Lonmar and am pleased that David is now taking on his new role.

“I am certain he will be a great success and I will give him every support, especially in business development.”