Global insurance and reinsurance group, Sirius International Insurance Group, Ltd., has announced that Kernan Oberting will succeed Allan Waters as Chief Executive Officer (CEO) of Sirius Group, while Ralph Salamone has been named as Oberting’s replacement as Chief Financial Officer (CFO) of Sirius Group.
Both of these appointments are effective February 9th, 2019, and comes after the company’s Board of Directors implemented its succession plans.
Oberting replaces Waters, who is to step down as a director of the company on February 9th, 2019, although he will stay on after this date in order to provide advisory services to Oberting and other senior executives at the firm.
Before becoming CEO of Sirius Group, Oberting served as President of Sirius Group since September 2018, and CFO of Sirius Group since April 2016. He has also served as President of Sirius Capital Markets, Inc. since April 2016. Prior to this, he was a Senior Partner at White Mountains Capital, Inc.
Commenting on his appointment, Oberting said: “I am honored and privileged to be the next CEO of Sirius Group, and I appreciate the confidence that Allan and the Board of Directors have placed in me. I also want to thank Allan for his constant support, and am fortunate to have him as both a mentor and friend. This is an exciting time for Sirius Group, and I look forward to working with Ralph, our Management Committee and the rest of our colleagues all over the globe to grow our franchise and create value for all stakeholders.”
Prior to becoming CFO of Sirius Group, Salamone served as President and CEO for Sirius Global Services, LLC, a role he has held since 2010. He also served as the Senior Vice President (SVP), CFO and Treasurer at Sirius America Insurance Company since 2012.
As well as the appointments of Oberting and Salamone, Meyer Frucher, Chair of the Nominating & Governance Committee of the Board of Directors, has been appointed interim non-executive Chairman.
Frucher, said: “On behalf of the Board of Directors, I want to thank Allan for his remarkable leadership as CEO. Allan has left a significant legacy and made lasting contributions to Sirius Group. Under his leadership, Sirius Group was publicly listed and diversified its shareholder base with four globally recognized investment firms as cornerstone investors.
“Today’s leadership announcement is part of a thoughtful succession plan culminating in Allan’s existing management team being appointed to continue to lead Sirius Group into the future.”