Bermudian-based Everen Group has appointed James Peniston as chief investment officer, effective on April 1.

The company said the appointment follows the retirement of Ricky Lines and is part of a long-established succession plan.

Since joining the Everen Group from Arch Capital as deputy chief investment officer in September 2023, the organisation said Mr Peniston has demonstrated his considerable expertise and leadership.

Mr Lines joined the executive leadership team of the Everen Group in 2006 as chief financial officer, serving in that role for 16 years.

In 2022, Everen said he was appointed chief investment officer and has been instrumental in helping to set the strategic direction of the group.

Everen said Mr Lines will continue as a senior adviser through June 30 to provide support during the transition period.

Robert Foskey, president and chief executive of the Everen Group, said: “Since joining the Everen Group as CFO and later as CIO, Ricky has played a vital role in building our reputation among our members, brokers, rating agencies and investment managers as a trusted and reliable partner.

“During his tenure, Ricky was instrumental in executing many important strategic initiatives, including rebranding our companies, strengthening our balance sheets and liquidity profiles, working with the rating agencies to secure and improve our credit ratings, and helping achieve substantial investment returns resulting in more than $3.5 billion in dividends for our Everen members.

“We are very grateful to Ricky for his many contributions and wish him the best in his retirement.”

Mr Foskey added: “I am delighted that James has accepted the role of CIO. He is a well-respected member of our team, and I have no doubt that he will continue to bring his considerable expertise and leadership skills to his new role.”

Ralph J. Egizi, chairman of the board of Everen Investment Ltd, said: “Ricky leaves a considerable legacy at Everen Group. We are proud of his achievements over the past 19 years and, on behalf of the board, we would like to express our sincere thanks for all he has done.”

Paul C. Reinbolt, chairman of the board of Everen Specialty Investment Ltd, added: “It has been a pleasure to work with Ricky over these many years and on behalf of the board, we wish him all the best in his well-deserved retirement.”