In what one analyst saw as a "surprise," Everest Re Group Ltd. has appointed Craig E. Eisenacher as chief financial officer and executive vice president, effective Dec. 18.
Mr. Eisenacher replaces Stephen L. Limauro, who is retiring after 33 years with the Hamilton, Bermuda-based company.
The new CFO was formerly with Bristol West Holdings Inc., where he held the position of senior vice president and CFO.
Bear Stearns analyst David Small wrote that the quick choice of an experienced CFO after Mr. Limauro's retirement announcement is a positive development, but the choice of Mr. Eisenacher may be a surprise for investors.
He noted that the new CFO's most recent position as CFO of Bristol West Holdings was with a much smaller company that dealt primarily with non-standard auto insurance. Bristol West has no material commercial lines or reinsurance exposure, he said.
The move did not affect Bear Stearns' rating of the company, which stands at outperform.
Everest Re said Mr. Eisenacher has extensive reinsurance and insurance experience in senior-level finance positions at General Reinsurance Corporation, Prudential Reinsurance Company and American Re-Insurance Company.
"We are very pleased to have secured an experienced executive of Craig's caliber and background to join the Everest team," said Joseph V. Taranto, chairman and chief executive officer. "His financial management expertise and his strong business acumen will be instrumental in the continued success of our organization."
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