Maiden CFO retires; reinsurance boss replaces him
John Marshaleck, chief financial officer of Bermuda-based Maiden Holdings, will retire at the end of 2014. Karen Schmitt, president of Maiden Re, the company’s US subsidiary, will succeed him.
Marshaleck will, in the interim, serve as chief operating officer, focusing his efforts on ensuring a smooth transition of responsibilities.
Schmitt has over 30 years of reinsurance experience. She joined Maiden Re in 1999 after holding positions such as chief actuary and senior vice president at TIG Holdings, vice president of American Reinsurance, and various positions at Prudential Property and Casualty.
Tom Highet, executive vice president, US treaty has been promoted to president of Maiden Re.
Highet, who joined Maiden Re in 1988, has 29 years of reinsurance experience. He previously held positions with PMA Re, Metropolitan Re and AFIA.
Art Raschbaum, president and chief executive officer of Maiden, said: "I would like to congratulate John Marshaleck on his upcoming retirement and thank him for his formidable efforts in helping to build Maiden Holdings. For over 30 years John has played a vital leadership role at Maiden and its predecessor companies.
“We are very fortunate and pleased that he will remain with Maiden until the end of 2014 to ensure a smooth transition for Karen Schmitt, who has been promoted to the role of chief financial officer. Karen and I have worked together for 15 years and during that time she has proven herself to be an outstanding insurance and finance executive and during the last six years has provided outstanding leadership to our US subsidiary.
“I am also very pleased to announce the appointment of Tom Highet who is replacing Karen as president of Maiden Reinsurance Company. Tom is a highly respected insurance professional with 29 years of reinsurance experience with a proven track record of successfully and profitably building the businesses that he has managed. These changes are consistent with Maiden's succession plan and reflect the depth of our management team."