Lockton appoints chief executive for South Korea

Lockton has appointed Ben Son (pictured above) as chief executive officer of Lockton Companies (Korea) Inc. He succeeds Juyeol Lee, who will remain as president of Lockton Korea.

Son has 32 years of experience in insurance broking, including P&C, reinsurance and retail. In 2019, he established his own brokerage company, ESOP. Beginning as an eight-member team, ESOP specialises in reinsurance and retail, with clients including financial institutions, investment banks, asset management companies and private equity firms. The company recorded revenue of US$2.2 million in 2021.

Before forming his own brokerage, Son started his career in 1990 as an underwriter and adjuster in marine insurance and later moved to other areas of P&C. He held senior positions with HIS Korea, AON and Miller Korea. Son holds a bachelor’s degree in public administration from Korea University.

“As we welcome Ben, Lockton Korea will embark on another phase of the company’s journey,” said Warren Merritt, CEO of Lockton Asia. “Ben will be leading our Korean business with continued focus on reinsurance and retail operations. With him at the helm and strengthening the senior management team, we are confident in achieving great things by building on our operational excellence, reinforcing our collaborative culture, as well as raising our brand profile and industry standing.”

“I am honoured and truly proud to be appointed to lead the team at Lockton Korea,” Son said. “Its expertise, market position and especially its people, make it one of Korea’s most dynamic insurance brokerages, offering what I believe is an unrivalled customer proposition in a rapidly evolving industry. I look forward to working with the team and in partnership with all stakeholders, to lead the business in this exciting market.”