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Taranto said: “I am dedicated and energized


to continue to lead the Company forward. Given all of Everest’s strengths, I expect us to continue to perform well despite challenging market conditions. I also want to thank Ralph Jones for his contributions to Everest and wish him the very best.”


Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest Reinsurance Company (Ireland), Limited provides reinsurance to non-life insurers in Europe. Everest National Insurance Company and Everest Security Insurance Company provides property and casualty insurance to policyholders in the U.S. Everest Indemnity Insurance Company offers excess and surplus lines insurance in the U.S.


AM best said the ratings would be unaffected.


“ Breaking a two- decade run of fairly consistent gains, the surplus lines industry’s direct premiums written (DPW) declined for a third consecutive year in 2009.”


“The current Everest Re business and operating strategies will remain unaffected and the company will maintain its worldwide reputation, strong capitalization and good operating results,” an AM Best statement said. “Mr Taranto’s reinstatement as CEO is expected to provide additional expertise to lead Everest Re through the current soft market.”


US TREASURY SEEKS CHIEF INSURANCE


REGULATOR The US treasury has advertised for the position of


‘federal insurance director’, following the creation of the role as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.


The job description was posted on a US federal website in September and October. The chosen candidate will run the Federal Insurance Office, a new department created to spot gaps in US insurance regulation and conduct talks with foreign jurisdictions.


At present, US insurance is overseen by


individual state commissioners and their collective action is conducted by the National Association of Insurance Commissioners (NAIC).


Current and former commissioners are expected


to be among the applicants for the role. However, the person stepping into the job could


find themselves walking into a political minefield. On one hand, state insurance regulators


expect to be able to retain regulatory power and for the new federal director’s office to simply enhance their scope. But on the other hand, there are fears that the Federal Insurance Office might be used by lawmakers to enforce a greater monitoring role by the US Government. The fears arise from the fact that any appointed federal insurance director is expected to report to Congress in early 2012 with plans of how insurance can be modernised and improved.


The job will pay between $119,554 and $179,700 a year. Applicants are expected to meet strict “technical qualifications” and to provide “narrative statements” to prove their expertise. Applications closed on October 20 and an appointment is expected in December.


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