A.M. Best has announced that executives Roger Sellek and Jose Ribeiro are to step down from their positions as part of a management restructure to cut costs and strengthen the firm’s business in the Asia-Pacific (AP) region.
Sellek is currently Chief Executive Officer of A.M. Best’s EMEA and AP regions and will leave with effect from 31 March 2019, while Ribeiro is Managing Director for Asia Pacific in the Market Development team.
As part of the management restructure, the rating agency also revealed that Larry Mayewski, CEO and Chairman of A.M Best Rating Services in the U.S, will become CEO of the firm’s European rating subsidiaries in London and Amsterdam.
Meanwhile, Matthew Mosher, Executive Vice President and Chief Operating Officer of A.M Best Rating Services, will assume the responsibilities of CEO of the agency’s Asia-Pacific subsidiaries in Hong Kong and Singapore.
Regional market development heads, back-office support, and compliance will now report to Mayewski, whilst rating analysis in the subsidiary offices will report to Mosher via Chief Rating Officer Stefan Holzberger, who will continue to report to Mayewski.
Additionally, Nick Charteris-Black will continue as Managing Director, Market Development EMEA, based in London and will chair a new global market development forum with a focus on growing A.M Best’s global rating coverage.
And finally, Greg Carter, Managing Director of Rating Analytics, EMEA & AP will be relocated to Asia to provide day-to-day analytical leadership in the Asia Pacific region whilst continuing to service EU clients from A.M. Best’s London and Amsterdam offices.
A.M. Best explained that the new structure would “enable the company to continue its growth in core strategic markets whilst responding to the rising costs of the local regulation of credit rating agencies in many territories.”
Mayewski commented on the announcement: “We want to thank Roger for his dedication and service to AM Best as well as his leadership in successfully growing our activities globally during a period of significant change and challenges for international credit rating agencies since the global financial crisis in 2008.
“He has also built strong management teams in our regional offices and I look forward to working with them directly as part of this transition.”
Sellek joined A.M. Best in 2007 and led the expansion of the agency’s global business, including the establishment of offices in Dubai, Singapore and Amsterdam.
Mayewski continued: “During his tenure with AM Best, Jose has played an important role in helping to grow the business in the Asia-Pacific region. We would like to thank Jose for his service to the company.’’
