Reinsurance broker Guy Carpenter and Endurance Specialty Holdings, an insurance and reinsurance company in Bermuda, separately announced that reinsurance industry veterans are stepping down from leadership positions at their firms on Tuesday.
At Guy Carpenter & Company, LLC, Andrew Marcell, former CEO of U.S. Operations, will be departing, and Chairman Britt Newhouse, will take on Marcell’s former role on an interim basis.
No reason for Marcell’s exit was provided in Guy Carpenter’s statement, which instead reviewed highlights of Newhouse’s tenure with the firm.
At Endurance, Jerome Faure, is scheduled to step down from the position of chief executive officer, Global Reinsurance on Jan. 1, 2016, in advance of his retirement from Endurance at the end of the first quarter of 2016. Stephen Young, currently executive vice president, chief underwriting officer and head of Global Catastrophe Reinsurance, will take the reins from Faure.
Marcell and Faure both have long careers in the reinsurance industry.
Marcell had been with Guy Carpenter since 1990, serving in roles that included Head of Global Practices and Placement Strategy, CEO of Americas Broking operations from November 2009-July 2010. Previously, he led Continental European operations and was head of Global Business Development, among others.
Faure had a more than 30 years in the reinsurance industry and has been with Endurance since 2013.
Marcell’s immediate replacement, Newhouse, served as the president and CEO of the Guy Carpenter’s Americas operations from 2001 until his appointment to chairman in 2008. He also held the position of Eastern Region Manager and served as the New York Branch Manager.
Young, who has been with Endurance since 2002, will retain his role as Head of Global Catastrophe Reinsurance in addition to his new CEO, Global Reinsurance role, Endurance said.
Sources: Guy Carpenter, Endurance