NU Online News Service, March 15, 2:52 p.m. EDT
Ariel Holdings has announced that its founder, Donald Kramer, is stepping down as chief executive officer of the company and that George Rivaz will take over that position.
Mr. Kramer will continue to serve as non-executive chairman of the Bermuda-based company, the firm said Friday.
Mr. Rivaz has been with the company since its formation in December 2005, serving initially as co-president and, since early 2008, as president.
He also serves as non-executive chairman of Ariel Reinsurance Limited and Atrium Underwriting Group, the company's two principal operating subsidiaries.
Mr. Rivaz has 25 years of industry experience in a variety of underwriting and management positions.
Mr. Kramer, who was formerly vice chairman of ACE Ltd., was also founder and chairman of NAC Re, founder of Tempest Re and later president of ACE Tempest Re.
To create Ariel in 2005, Mr. Kramer brought together a team of senior executives from ACE and ACE Tempest, and from Rosemont Re, the predecessor company of Ariel.
In an NU interview in early 2006, Mr. Kramer highlighted the experience of the group and Mr. Rivaz, in particular, as key competitive advantages in the marketplace.
"It's more than [years of experience]. I have been able to recreate the team," Mr. Kramer said during that early interview, referring specifically to Mr. Rivaz, who worked with him at Tempest.
Since those early days, major milestones at Ariel have included the acquisition of Atrium, a London platform, in 2007 and the building of a U.S. specialty platform known as Valiant Insurance.
Commenting on the management change announced Friday, Mr. Kramer said: "George [Rivaz] has demonstrated that he is a truly talented insurance leader who has not only a deep understanding of underwriting strategy and risk management, but also a commitment to developing talent throughout the organization."
He added that Mr. Rivaz "was a key player in establishing Ariel Re's franchise, led our acquisition of Atrium in 2007, and has positioned the company well to take advantage of opportunities ahead."
Noting that he had worked with Mr. Rivaz on and off for 16 years, Mr. Kramer added, "I am both grateful to him for his contribution to the success of our company and confident that he is the right choice for leading it forward."
Ariel, established in 2005 with initial capital of $1 billion from private equity investors including the Blackstone Group, had more than $1.7 billion at year-end 2009, the company said.
Ariel Re, a principal reinsurance operation, had $1.5 billion in shareholders equity and reported net income of $383 million, according to financial statements posted on the company's Web site.
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