NEW YORK (Bloomberg) — Everest Re Group Ltd., the Bermuda-based insurer and reinsurer, said Ralph Jones III will become president and chief operating officer nex Monday, replacing Thomas Gallagher, who has held the position since 1997.

Gallagher will become vice chairman and chief underwriting officer, Everest Re said yesterday in a statement distributed by Business Wire.

Jones joined Everest Re's board in September after retiring from Arch Capital Group Ld., where he served as chairman and chief executive officer of its Arch Insurance Group unit for about five years, Everest Re said. He was previously CEO of Chubb Corp.'s specialty insurance business.