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Stephen Young has been named CEO of global reinsurance of Endurance Specialty Holdings Ltd. effective Jan. 1, replacing Jerome Faure, who will retire at the end of the first quarter of 2016.
Mr. Young is currently executive vice president, chief underwriting officer and head of global catastrophe reinsurance for the Pembroke, Bermuda-based insurer. Based in Pembroke, he will retain his role as head of global catastrophe reinsurance in his new position, Pembroke said Tuesday in a statement.
New York-based Christopher Donelan, president and chief underwriting officer of Endurance Re in the U.S., will take over as chief underwriting officer and head of global casualty reinsurance in addition to his current role, Endurance said in the statement. He and the rest of the Endurance Re global leadership team will report to Mr. Young.
“We are very fortunate to have in Stephen Young a distinctly qualified successor, with extensive global experience during his tenure at Endurance Re, to take the reins from Jerome,” Endurance Chairman and CEO John R. Charman said in the statement. “Over the next few months, I look forward to working closely with both Jerome and Stephen to ensure a smooth and seamless transition on Jan. 1.”
“I have been very fortunate throughout my career to have worked with many talented individuals and have thoroughly enjoyed my time at Endurance,” Mr. Faure said in the statement. “I am confident that I am turning over the keys to an exceptionally strong reinsurance leadership team who are more than capable to lead Endurance Re well into the future.”
Once the domain of large companies, smaller organizations increasingly are joining the captive insurer movement, according to a new Marsh L.L.C. report.