Bermudian reinsurance firm Everest Re has hired Juan C. Andrade from Chubb and named him as the current COO, but lined up to become CEO on Jan 1 2020, to succeed outgoing CEO Dominic Addesso.
Andrade will become Chief Operating Officer of the reinsurance firm in the interim period, before stepping into the Chief Executive Officer position once Dominic Addesso retires at the end of the year.
Joe Taranto, Chairman, commented, “the Board is incredibly excited to have an executive with Juan’s strength, skillset and experience to chart our plan for success into the future. We also want to thank Dom for his leadership in strategically diversifying and growing Everest. He has positioned us exceedingly well for continued success.”
Dom Addesso, CEO, added, “I very much look forward to working with Juan for the remainder of 2019 and supporting his leadership in 2020 and beyond. I also wish to thank the Board for their support over the years and my Everest colleagues for their many achievements in our evolution.”
Andrade was most recently Executive Vice President of Chubb Group and President, Overseas General Insurance.
His appointment as CEO elect of Everest Re comes as something of a surprise, as an internal candidate had been thought the most likely successor for Addesso based on comments the company had previously made.
However analysts appear pleased with the selection of Andrade, saying that his global insurance focus is another sign of Everest Re’s continued development into a balanced insurance and reinsurance player, with a growing global footprint.
Andrade has a wealth of experience though, having been responsible for Chubb’s general insurance business in over 50 countries outside of North America, including commercial P&C, traditional and specialty personal lines, and accident and health insurance.
He had previously been with ACE, the re/insurer that Chubb acquired in 2016, where he held the role of Executive Vice President of ACE and Chief Operating Officer for ACE Overseas General, with responsibilities in both the United States and internationally.
Andrade will become Everest Re’s Chief Operating Officer on September 1st 2019 and become the Everest Re CEO on January 1st 2020.
The fact Addesso was to retire from the reinsurance firm was revealed by Everest Re at the start of 2019.