NU Online News Service, Oct. 12, 1:47 p.m. EDT
Everest Re Group has announced that Joseph V. Taranto will reconsider his decision to retire, and will remain chairman and chief executive officer until Dec. 31, 2012.
Everest Re also announced that Ralph E. Jones III has resigned as president and chief operating officer, effective Oct. 7.
As noted by A.M. Best, in July 2010, Everest Re announced that Mr. Taranto was retiring from his CEO position and that Mr. Jones would become the new CEO effective Jan. 1, 2011. With Mr. Taranto's decision to remain in his current position, Mr. Jones resigned from Everest Re.
A.M. Best said, "While these major developments were not anticipated, A.M Best expects that the current Everest Re business and operating strategies will remain unaffected and that the company will maintain its worldwide reputation, strong capitalization and good operating results."
Standard & Poor's also said ratings would be unaffected. "We don't believe this management change is a concern, based on Mr. Taranto's extensive experience at Everest," S&P said. "Nevertheless, we note the void created by Mr. Jones' sudden departure, given his previous role at the company and his 30-plus years of industry experience."
Everest Re Group is a holding company based in Bermuda that operates through several subsidiaries that provide reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers.
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