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Everest Re Group Names President, COO
(BestWire Services Via Acquire Media NewsEdge) Everest Re Group said Ralph E. Jones III has been appointed the company's president and chief operating officer after having joined Everest's board of directors in September.
Thomas J. Gallagher, president and COO at Everest since 1997, was named vice-chairman and chief underwriting officer. Both changes take effect Dec. 8.
Joseph V. Taranto, chairman and chief executive officer of the Bermuda-based holding company, in a statement said Jones' "extensive insurance expertise and strong business background will be instrumental in the continued success of our organization."
Jones' 30 years in the industry most recently included time as chairman and CEO of Arch insurance Group from September 2003 until his retirement in July, said Everest. Jones was also CEO of Chubb Specialty Insurance of Chubb Group of Insurance Cos.
Everest Re Group provides reinsurance and insurance products in the United States, Bermuda and other international markets. Reinsurance business is produced through reinsurance intermediaries or directly with ceding companies while insurance business is generated primarily through general agency relationships. An A.M. Best Co. credit report said Everest Re continues to benefit from a stable, seasoned management team, which has successfully deployed its low-cost operating structure to profitably distribute its reinsurance and insurance products globally through a large network of insurance and reinsurance intermediaries.
Everest Re Group currently has a Best's Financial Strength Rating of A+ (Superior).
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
Copyright ? 2008 A.M. Best Company, Inc.
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