A major Everest Re Group executive has jumped ship for a leadership role at Ascot Group, a Bermuda-based specialty insurer and reinsurer.
Jonathan Zaffino, president and CEO of Everest Re Group’s Everest Insurance division, will resign to become group president at Ascot, according to Ascot’s April 27 announcement.
In his new job, Zaffino will oversee Ascot’s U.S. and Bermuda platforms. He’ll also be responsible for Ethos Specialty, an MGU within the U.S. market.
The switchover won’t happen right away. Ascot said he’ll take on the new position after he completes his contractual obligations with Everest. Everest pointed out in its parallel announcement of Zaffino’s departure that he’ll remain “on garden leave” until mid-June.
Zaffino appears to be leaving Everest on a positive note. Juan Andrade, Everest’s president and chief executive officer, said that Zaffino in his five years with Everest Insurance worked with its leadership team to build the company “into a world-class specialty insurer.”
Zaffino is a 26-year insurance underwriting and brokerage industry veteran. Prior to Everest, Zaffino was a managing director at Marsh before becoming president and CEO of Marsh subsidiary Victor. O. Schinnerer.
At Ascot, Group CEO Andrew Brooks said Zaffino will help the company continue its global growth trajectory.
“In a short space of time, we’ve made tremendous progress in the U.S. and Bermuda, with an emphasis on underwriting discipline and the acquiring of high-quality teams,” Brooks said in prepared remarks. “From this very solid foundation, having someone of [Zaffino’s] enormous experience and expertise in the insurance space will be hugely beneficial in building upon what we have achieved, helping to take Ascot to the next level.”
Zaffino will report to Brooks and be based in New York.
Meanwhile, Everest Insurance is already moving ahead.
Andrade pointed out that Everest “has a deep bench, a talented insurance industry leadership team, and a strong and diversified platform” and will continue with its growth plans.
Andrade said that the Everest Insurance senior leadership team will now report directly to him.
Sources: Everest Re Group, Ascot Group