Gen Re announced that Paul Ceurvorst will retire as CEO of Faraday in March 2016. Pietro Toffanello will become CEO of Faraday upon Ceurvorst’s retirement, subject to UK regulatory approval. Mark Rayner will continue to serve as chief underwriting officer for Faraday.
Toffanello will remain in his current role as Gen Re’s property/casualty regional manager for Asia Pacific and managing director of Gen Re Australia until August 2015, when he will join Faraday.
Damon Vocke, president of General Re Corporation and chairman of Faraday, commented, “Paul has made many valuable contributions during his years of service for Faraday, and we wish him all the very best in retirement next year. I am confident that Pietro’s proven track record of leadership, business acumen and client focus will ensure that we continue to build upon Faraday’s success as a market leader with a strong record of profitability.”
The Faraday group, part of General Re Corporation (a Berkshire Hathaway Company), comprises two risk-bearing entities in the UK. These are Syndicate 435 at Lloyd’s, which underwrites aviation, casualty (North American specialist lines and UK liability insurance) and property (direct, facultative and treaty). Faraday Re is a London market reinsurance company operating in casualty lines (international treaty reinsurance).
Source: Gen Re
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