Ollie L. Sherman Jr is tipped to replace J. Adam Abram as the non-executive chairman of Bermudian-based James River Group Holdings Ltd.

The company said Mr Abram, a founder and former chief executive, will not stand for re-election at the company’s 2023 annual meeting.

It added that the board has appointed Mr Sherman, a lead independent director, to the post, effective upon conclusion of Mr Abram’s term as director and contingent upon Mr Sherman’s re-election as a director at the annual meeting.

“Serving James River as CEO and chairman has been an honour," said Mr Abram. "I am very proud of all the company has achieved and excited for the future of the company as it is well-positioned to continue executing on its transformation under outstanding leadership.”

Mr Sherman, who has served on the board since May 2016, retired as a managing principal with Towers Watson in 2010.

He functioned as a consulting actuary and practice manager for Towers Watson’s property and casualty division for more than 25 years.