AM Best unveils senior management restructure amid cost-cutting drive
Re/insurance rating agency AM Best is changing its senior management structure to cut costs and strengthen its Asia Pacific business following a "strategic review" of its core markets.
The move has led to the departure of its EMEA and Asia Pacific CEO Roger Sellek, and Asia Pacific managing director Jose Ribeiro.
Sellek will step down as CEO of AM Best's EMEA and AP regions effective March-end 2019. He joined AM Best in 2007, and is said to have led the expansion of AM Best's global business including the establishment of offices in Dubai, Singapore and most recently Amsterdam.
The agency said its new structure will enable the company to continue its growth in core strategic markets while cutting the rising costs of the local regulation of credit rating agencies in many territories.
To bring costs in line with its regional growth potential and strengthen the AP region, AM Best has also restructured its market development team and bolstered its rating analytics function.
Larry Mayewski, CEO and chairman of AM Best Rating Services in the United States, will assume the position of CEO of AM Best's European rating subsidiaries in London and Amsterdam. Meanwhile, Matthew Mosher, executive vice president and chief operating officer of AM Best Rating Services will take on the responsibilities of CEO of AM Best's AP subsidiaries in Hong Kong and Singapore, pending regulatory approval.
Furthermore, Nick Charteris-Black will continue as managing director, market development EMEA, based in London and will chair a new global market development forum with a focus on growing AM Best’s global rating coverage on a coordinated basis.
Greg Carter, managing director of rating analytics, EMEA and AP will be relocating to Asia to provide day-to-day analytical leadership in the AP region while retaining his key responsibilities in London and AM Best’s new Amsterdam office in the Netherlands, servicing EU clients.
Under the restructuring of the market development team Ribeiro, managing director Asia-Pacific, will be leaving AM Best.
“We want to thank Roger for his dedication and service to AM Best as well as his leadership in successfully growing our activities globally during a period of significant change and challenges for international credit rating agencies since the global financial crisis in 2008," Mayewski said. "He has also built strong management teams in our regional offices and I look forward to working with them directly as part of this transition.
"During his tenure with AM Best, Jose has played an important role in helping to grow the business in the Asia-Pacific region. We would like to thank Jose for his service to the company," he added.
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