By Chris Munro

March 24 - (The Insurer) - Everest Group’s long-serving chairman Joseph Taranto will end his more than three-decade association with the company in May, with current independent board member John Graf nominated as his successor.

Taranto’s departure in May will occur when his current term as chairman expires. He has served as Everest’s chairman since 1994 and was the Bermudian company’s CEO from 1994 to 2013.

“We are deeply grateful for Joe’s steadfast leadership and commitment to Everest over several decades,” said Jim Williamson, Everest president and CEO.

“Under Joe’s guidance, Everest has grown into a global P&C market leader with significant value potential.

“Looking to the future, we are delighted to nominate John to build on this strong foundation. John is a proven asset to our board, providing experience and insight that supports Everest’s next chapter and our strategy to deliver exceptional service and shareholder returns,” Williamson added.

During Taranto’s time with Everest, the company has undergone significant change.

Formerly operating as Prudential Re, in late 1995 the company undertook an IPO and was subsequently renamed Everest Re. Taranto was at the helm of the business during that period.

In the years since, Everest has been transformed into one of the largest non-life (re)insurers in the market.

“I have had the privilege of steering Everest through many facets of growth and milestones including its early evolution as a public company and its expansion into key global insurance markets,” said Taranto.

“I am confident that Everest is positioned with the right talent and platform for a new era of opportunity and continued success in the future,” the outgoing chairman added.

Graf has served Everest as an independent board member since 2016, and is currently nonexecutive vice chairman of retirement and life insurance specialist Global Atlantic Financial Group.

Everest’s board has nominated Graf for election to succeed Taranto as chair at the May 2025 Annual Shareholders Meeting.

Taranto’s exit will mean Everest has lost two of its most senior figures in a little over three months.

In January, Everest CEO Juan Andrade shocked the market and left the business to assume the leadership of USAA.

Having held the CEO role on an interim basis following Andrade’s departure, Jim Williamson was appointed Everest’s permanent CEO in late January.

The backdrop to that change in CEO was Everest’s 2024 earnings, which included a U.S. casualty lines prior-year reserve charge of $1.5 billion. That reserve charge pushed Everest’s Q4 2024 combined ratio up to 135.5%.