A senior executive at Argo Re has been promoted to president of the company.

Matthew Wilken will take over from Andrew Carrier, who has held dual roles as chief underwriting officer for Argo Group and president of Argo Re for the last two years.

Mr Carrier, who led the formation of Argo Re in 2007, will continue in his Argo Group role.

Argo Group CEO Mark Watson said: “I have the utmost respect for Matthew’s underwriting ability and he has been integral to the establishment and growth of Argo Re.

“More importantly, his leadership skills will ensure that our team and our reinsurance business continue to thrive.”

He added: “Andrew and Matthew and the entire team at Argo Re have done an excellent job establishing a meaningful Bermuda-based reinsurance platform for Argo Group over the past five years.”

Mr Watson added that Mr Carrier’s role as chief underwriting officer had expanded over the last two years “in both scope and geography”.

He said: “This is an ideal time to turn the helm of Argo Re over to Matthew, whose proven leadership and underwriting skills are well-respected at Argo Group and throughout the industry.”

Mr Wilken joined Argo Group in 2008 and was previously chief underwriting officer for property risks at Argo Re.

Earlier, he worked in reinsurance underwriting at London-based Kiln & Co.

Mr Watson added that Mr Wilken’s appointment is subject to approval by the Bermuda Department of Immigration.