Jonathan Zaffino resigns as president-CEO of Everest Re insurance unit

Jonathan Zaffino, who was named president and CEO of Everest Re Group Ltd.’s insurance unit just over two years ago has resigned to pursue another opportunity.

In a statement Monday, the Bermuda-based reinsurer said the senior insurance leadership team will report directly to Everest Re Group CEO Juan Andrade.

“Longer-term decisions will be made once we get through the global pandemic,” a spokesman said in an email.

Last week Everest Re said its first-quarter earnings will be hit by an estimated $150 million in pretax losses from the COVID-19 pandemic, mainly from its reinsurance business.

The reinsurer also said it was reducing its equity exposure to mitigate the effects of the economic crisis and that part of its investment income would be reported in the second quarter due to a reporting lag.

Mr. Zaffino will be on garden leave until June 12 to “facilitate an efficient transition,” Everest Re said in an 8K statement filed with the Securities and Exchange Commission.

Mr. Zaffino earned $3.1 million in total compensation in 2019, according to SEC filings.

The reinsurer will report first-quarter earnings on May 6.

More insurance and risk management news on the coronavirus crisis here.