Bermuda market veteran Andrew Markus has been promoted to succeed Marvin Pestcoe as chief executive officer of Langhorne Re Bermuda.

Mr Pestcoe, who has retired, will remain on the board of directors of Langhorne Re Bermuda through the end of the year.

Mr Markus has been elected to the board of the global reinsurer, which targets large in-force life and annuity blocks.

The company said Mr Markus has been with Langhorne since its inception, serving as a consultant to the company in connection with its capital raise and then as chief operating officer and general counsel of Langhorne Holdings LLC and its Bermuda-based subsidiaries.

He began his career at Willkie Farr & Gallagher LLP in New York and has spent more than a decade in Bermuda, previously working in increasingly senior roles at RenaissanceRe Holdings Ltd and Maritime Finance Company Ltd.

He holds a J.D. from the University of Pennsylvania Law School and a B.A. from Tufts University.

Langhorne Holdings LLC, through its operating subsidiaries, is a global reinsurer targeting large in-force life and annuity blocks.

The vehicle is funded with capital commitments from the Reinsurance Group of America and RenaissanceRe and other third-party pension fund and life insurance companies.