18 January 2016News

Gen Re appoints CEO of Faraday

Reinsurer Gen Re has appointed Pietro Toffanello as chief executive officer (CEO) of Faraday, part of the Gen Re corporation.

Toffanello will replace Paul Ceurvorst who will continue to serve on Faraday's board until his retirement at the end of April. Mark Rayner will continue to act as chief underwriting officer (CUO) for Faraday.

"We are grateful to Paul for his 25 years of service with the Gen Re Group, the last 12 of which have been as joint CUO and then CEO of Faraday, and wish him well,” said Damon Vocke, president of Gen Re and chairman of Faraday.

“We are pleased that he will remain on the Board through April. Pietro has been with the Gen Re Group for 21 years and brings extensive international industry knowledge to his new role. I look forward to working with him."

Ceurvorst commented: "After nearly 36 years in the London Market, I am looking forward to the next chapter in my life.

"I leave Faraday confident that it is well placed to meet the challenges ahead. I would like to express my thanks to the Board, my senior colleagues and all the staff at Faraday who have worked so hard in a difficult market to produce exceptional returns for our shareholder."

Toffanello added: "I look forward to working with Mark and the Faraday team to continue building on our strengths. Our focus on underwriting and claims expertise as well as maintaining long-standing relationships with our brokers, coverholders and clients will continue to differentiate Faraday in a very competitive and dynamic marketplace."

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