Paul Ceurvorst Retires and Pietro Toffanello Appointed CEO of Faraday
Issue: January 2016 | Property/Casualty International
Stamford, CT, January 15, 2016 … Gen Re announces that Pietro Toffanello will officially begin his tenure as CEO of Faraday effective immediately. He will replace Paul Ceurvorst who will continue to serve on Faraday's board until his retirement at the end of April. Mark Rayner will continue to act as Chief Underwriting Officer for Faraday.
Damon Vocke, President of General Re Corporation and Chairman of Faraday, commented, "We are grateful to Paul for his 25 years of service with the Gen Re Group, the last 12 of which have been as joint CUO and then CEO of Faraday, and wish him well. We are pleased that he will remain on the Board through April. Pietro has been with the Gen Re Group for 21 years and brings extensive international industry knowledge to his new role. I look forward to working with him."
"After nearly 36 years in the London Market, I am looking forward to the next chapter in my life," said Paul Ceurvorst. "I leave Faraday confident that it is well placed to meet the challenges ahead. I would like to express my thanks to the Board, my senior colleagues and all the staff at Faraday who have worked so hard in a difficult market to produce exceptional returns for our shareholder."
Pietro Toffanello commented, "I look forward to working with Mark and the Faraday team to continue building on our strengths. Our focus on underwriting and claims expertise as well as maintaining long-standing relationships with our brokers, coverholders and clients will continue to differentiate Faraday in a very competitive and dynamic marketplace."
Gen Re, a Berkshire Hathaway Company, is one of the leading Property/Casualty and Life/Health reinsurers in the world, with a network of more than 40 branch and subsidiary offices in key reinsurance markets. Faraday Syndicate 435 at Lloyd's, is a wholly-owned subsidiary of General Re Corporation, part of the Berkshire Hathaway Group, and underwrites Aviation, Casualty and Property Insurance and Reinsurance.