Joseph V. Taranto, longtime chairman of the board at global reinsurance and insurance firm Everest Group Ltd will retire from the role when his term ends in May 2025, the company announced.

Mr Taranto has held the position of board chair since 1994 and served as chief executive officer from 1994 to 2013. Under his leadership, the Bermudian-based Everest evolved into a prominent player in the global property and casualty market.

“I have had the privilege of steering Everest through many facets of growth and milestones including its early evolution as a public company and its expansion into key global insurance markets,” Mr Taranto said. “I want to thank my esteemed fellow directors, as well as Jim and his management team, for their dedication and partnership over the years.

“I am confident that Everest is positioned with the right talent and platform for a new era of opportunity and continued success in the future.”

The board has nominated John Graf, who has served as an independent board member since 2016 and now is non-executive vice-chairman of Global Atlantic Financial Group, to succeed Mr Taranto as chair. His election will be voted on at Everest’s Annual Shareholders Meeting in May.

“We are deeply grateful for Joe’s steadfast leadership and commitment to Everest over several decades,” said Jim Williamson, the president and chief executive of Everest. “Under Joe’s guidance, Everest has grown into a global p&c market leader with significant value potential. Looking to the future, we are delighted to nominate John to build on this strong foundation. John is a proven asset to our board, providing experience and insight that supports Everest’s next chapter and our strategy to deliver exceptional service and shareholder returns.”