Jed Rhoads, president and chief underwriting officer of Markel's global reinsurance division, is to retire at the end of the year.

Richie Whitt, co-CEO of Markel, said: "Markel is fortunate to have benefited from Jed's industry knowledge, leadership experience and relationships throughout the industry.

"He has helped us build a strong team with deep underwriting and leadership talent. We are thankful for his contributions and leadership in positioning us for the future."

Mr Rhoads has been in the industry for more than 40 years, and throughout his career has held executive positions with several organisations.

He joined Markel in 2013 as part of its acquisition of Alterra Capital Holdings Limited.

Prior to Markel, he was president and chief underwriting officer of Alterra.

Earlier, he held senior positions with Harbor Point Re, Chubb Re Bermuda, Overseas Partners Ltd Bermuda and Stockton Re Ltd Bermuda — and with Sedgwick Re in Philadelphia.

His first job in the industry was with the Kemper Reinsurance Company in Long Grove, Illinois, in 1981.

Mr Rhoads is a graduate of Beloit College and the insurance executive development programme at The Wharton School at the University of Pennsylvania.

He also recently served as chairman of the board of directors of the Reinsurance Association of America.

Markel also announced that upon Mr Rhoads's retirement, Don Bahr will be promoted to president, global reinsurance, and Tod Costikyan will be promoted to chief underwriting officer, global reinsurance.

Both Mr Bahr and Mr Costikyan joined Markel as part of the Alterra acquisition in 2013, and bring many years of experience and knowledge of the reinsurance segment.

Mr Rhoads said: “I'm honoured, privileged and grateful to have had the opportunity to spend my entire career in this wonderful industry.

“Having worked with Don and Tod for nearly two decades, I am confident they are well prepared to lead the reinsurance operations forward."