Bermuda-domiciled insurer Paraline’s chief executive officer Jack Graham is to step down on July 1.He will be replaced by the company’s chairman Bruce Schnitzer, the former CEO of Marsh and McLennan.Mr Graham will also relinquish his post from Paraline’s underwriting subsidiary Icat Managers.The company has no physical presence in Bermuda but has platforms in the Lloyd’s of London market and in the US.Greg Butler, active underwriter of Paraline’s Syndicate 4242 at Lloyd’s has been named as president of Icat.Mr Graham will continue group board and will remain involved in “developing Paraline’s portfolio of insurance and reinsurance businesses”, Paraline said in a statement yesterday.In addition, Mr Graham has been appointed as a special adviser to Elliott Management, a major Paraline shareholder.“This is a natural evolution of my role as founder of Icat and 13 years as its CEO,” Mr Graham said.“I am handing over day-to-day managerial responsibilities to an exceptionally talented team of people who have worked with me since Icat’s foundation and who have the full support of the Paraline board.“We have built a unique Lloyd’s and international business with industry-leading risk management products and underwriting skills. I am particularly pleased that Greg Butler has accepted the role of president of Icat. This transition will enable me to focus on building Paraline’s profile as well as exploring strategic options for Elliott in the global insurance and reinsurance markets.”Mr Schnitzer added: “We fully support Jack’s decision to evolve his position to take on a strategic role as a director and an advisor as we continue to build and diversify Paraline into a quality portfolio of international insurance and reinsurance operations.”