Alon Neches has been appointed president and CEO of Bermudian-based Fortitude Re.

He will also join the organisation’s board of directors.

Mr Neches succeeds James Bracken, who is stepping down to pursue other opportunities and will be available to assist in the transition during the months ahead.

Under Mr Bracken’s leadership, the company said, Fortitude Re was successfully carved out of American International Group Inc and has evolved into a leading independent reinsurance franchise with a strong balance sheet and world-class capabilities tailored to serve a growing base of global insurance clients and their policyholders.

Mr Neches is an insurance industry veteran with more than 20 years of experience as an operator, investor and advisor in regulated industries.

The company said he has deep knowledge of Fortitude Re’s business, having held various senior executive roles at AIG, including global treasurer and head of corporate development, where he was involved in the creation of Fortitude Re.

Mr Neches joins from global investment firm Carlyle where he was a partner and managing director in Carlyle Insurance Solutions. In this role at Carlyle, he has worked closely with Fortitude Re’s senior management in building the business.

Brian Schreiber, chairman of the board of Fortitude Re, said: “This transition is a natural step in Fortitude Re’s growth and, following a rigorous search, we are thrilled to welcome Alon Neches as CEO.

“Alon knows the business extremely well and is a proven leader with deep sector expertise and, crucially, a robust track record of value creation. The board is grateful for James’ leadership during Fortitude Re’s foundational years.”

Tomoyasu Isobe, representative director and president of T&D United Capital Co Ltd, said: “Alon is a well-known and highly regarded leader in the insurance space and we have seen his significant involvement and contribution to Fortitude Re from its establishment.

“We believe he is the ideal candidate to deliver on the potential we see in the years ahead. James has been a strong partner during the creation and growth of Fortitude Re and we thank him for his tremendous efforts.”

Mr Neches said: “It is a privilege to have the opportunity to work even more closely with Fortitude Re’s talented management team. With nearly $7 billion in capital, the trust of our counterparties whose nearly five million policies we administer, and the support of our strategic partners at Carlyle and T&D and of our great investors, Fortitude Re is uniquely positioned to help our clients achieve their risk, capital and growth ambitions.

“Having been part of Fortitude Re’s journey from day one, I am deeply familiar with the business, its people, and their dedication to serving our clients and their policyholders. My commitment to all our stakeholders is that we will continue to work tirelessly to achieve Fortitude Re’s immense potential as partner of choice for the global insurance industry.”

Mr Bracken said: “I am proud of what our team has accomplished and I would like to thank Fortitude Re’s board and our investors for their support and guidance during my tenure as CEO, as well as all of my colleagues at Fortitude Re for their hard work and professionalism.”