Taranto to remain Everest boss

Joe Taranto has decided to reconsider his decision to retire following the resignation of Ralph E. Jones III, President and Chief Operating Officer.

Taranto will now remain as Chairman and Chief Executive Officer through to December 31, 2012. The Board of Directors of Everest Re Group confirmed they had asked Taranto to stay at the helm of the world’s 11th biggest reinsurer following Jones’s departure.

Taranto said: “I am dedicated and energized to continue to lead the Company forward. Given all of Everest’s strengths, I expect us to continue to perform well despite challenging market conditions. I also want to thank Ralph Jones for his contributions to Everest and wish him the very best.”

Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers.

Everest Reinsurance Company (Ireland), Limited provides reinsurance to non-life insurers in Europe. Everest National Insurance Company and Everest Security Insurance Company provides property and casualty insurance to policyholders in the U.S. Everest Indemnity Insurance Company offers excess and surplus lines insurance in the U.S. AM best said the ratings would be unaffected.

“The current Everest Re business and operating strategies will remain unaffected and the company will maintain its worldwide reputation, strong capitalization and good operating results,” an AM Best statement said. “Mr Taranto’s reinstatement as CEO is expected to provide additional expertise to lead Everest Re through the current soft market.”