Everest Re Group Ltd. President and CEO Dominic Addesso plans to retire at the end of 2019, the Bermuda-based insurer and reinsurer disclosed on Jan. 7.
The board of directors has already begun a search for his replacement and will look at both internal and external candidates, according to the company’s brief announcement on the matter.
Addesso did not issue any remarks about his retirement. The announcement of his retirement contained a statement from Joseph Taranto, Everest Re’s chairman of the board, who thanked Addesso for doing a “great job” growing the company “and positioning us for the future.”
“We are thankful for his continued leadership,” Addesso added.
A little over a year ago, Everest Re extended Addesso’s contract through the end of 2019. He became chief executive officer in 2014 to replace Taranto, who retired from that role.
At the time, Addesso said he would focus on “continuing to build on the vision and strategy that drives Everest’s success.”
Addesso initially joined Everest in 2009 as executive vice president and chief financial officer and was promoted to president in 2011.
Everest Re booked $485.8 million in net income over the first nine months of 2018, or $11.83 per diluted common share, compared to a net loss of $102.1 million, or $2.51 per common share, over the first nine months of 2017.
For the 2018 third quarter, gross written premiums were $2.2 billion, up 8 percent from the 2017 third quarter. Global reinsurance premiums were $1.7 billion during Q3, up 7 percent from the same, year-ago period. Everest Re’s Q3 combined ratio was 100 versus 163.6 in the 2017 third quarter.
Source: Everest Re