Everest Re Group, Ltd. announced Thursday today that Joseph Taranto, at the request of the Company’s board of directors, has agreed to continue as chairman of the board, following his retirement from the position of chief executive officer, effective January 1, 2014.

As previously announced, Dominic Addesso will succeed Mr. Taranto as the Company’s new CEO.

Taranto, subject to annual election to the board by the Company’s shareholders, will serve as chairman for a three-year term ending December 31, 2016.

In a statement, Taranto said “It’s been great building the Everest franchise for the last two decades. I am most pleased to be able to continue to support Dom and the company after year end in our plans for future growth.”

Source: Everest Re Group, Ltd.