Bermuda-based insurer and reinsurer Everest Re Group, Ltd. has promoted Don Mango to Everest Group Chief Risk Officer (CRO) and Chief Actuary, effective March 30th, 2020.
In his new role, Mango will report to Everest Re Group’s President and Chief Executive Officer (CEO), Juan Andrade.
As Group CRO and Chief Actuary, Mango will be responsible for both the development and implementation of the re/insurer’s risk management strategy, enterprise risk management (ERM) framework, and related processes across the group, including capital performance management and reserving. At the same time, he will have oversight of the governance and actuarial function.
According to Everest Re, the appointment of Mango elevates the ERM function to the Executive Management Committee, and also facilitates stronger integration of ERM with actuarial reserving, pricing and modeling functions.
Following the appointment of Mango, Tom Passante, who has served as the company’s CRO since 2014, is to remain a key senior leader within the firm’s Global ERM function, and will now report to Mango and assist with the integration of this new ERM framework.
“Tom Passante has built a strong ERM foundation for Everest, and he will be integral to helping us elevate our risk and capital management framework to the next level. I am grateful for Tom’s efforts and dedication in this critical area and I look forward to continuing to work with him,” said Andrade.
Mango joined the re/insurer in 2018 as the Global Head of Actuarial Pricing and Modeling. Prior to this, he spent over three decades as an actuary and thought leader in insurance, reinsurance, ERM, innovation and InsurTech firms, including the likes of Guy Carpenter, GE Insurance Solutions, and Munich Re.
“Superior enterprise risk management capabilities are a competitive advantage and the backbone of a successful reinsurance and insurance organization. Don is a thought leader in our industry and he brings a wealth of deep risk management and actuarial expertise to this position. I look forward to having Don be a part of our executive management team as we continue to grow our Company,” added Andrade.
Taking over from Mango as Global Head of Actuarial Pricing and Modeling for the Insurance unit is set to be Cameron Vogt. Currently, Vogt leads the actuarial pricing, catastrophe modelling, and ceded reinsurance analytics teams for Everest Insurance. Mango and Vogt will work together in the coming weeks to ensure a smooth transition.
Commenting on Vogt’s new role, Mike Mulray, Chief Underwriting Officer (CUO) at Everest Insurance, said: “While working closely with Don over the last two years, Cameron has been instrumental in the transformation of Everest’s actuarial pricing and cat modeling capabilities into a world class, modern era actuarial department. Cameron is a strong leader who truly exemplifies the Everest culture and will no doubt continue to be a critical enabler of our success into the future.”