Everest Re Group replaces chief risk officer in ERM reshuffle

Bermuda-based Everest Re Group has replaced its chief risk officer (CRO) to support greater integration of enterprise risk management (ERM) function with actuarial reserving, pricing and modeling functions.

The re/insurer has promoted Don Mango to chief risk officer (CRO) and chief actuary, effective March 30. He replaces Tom Passante, who has served as Everest’s chief risk officer since 2014.

Passante will now report to Mango and help lead the integration of this new ERM framework, while remaining a key senior leader in other global ERM function.

In his new role, Mango will report to Everest Re Group president and CEO Juan Andrade. He will be responsible for the development and implementation of Everest’s risk management strategy, enterprise risk management framework, and related processes across the group, including capital performance management and reserving. He will also oversee the governance of the actuarial function. Mango’s appointment will elevate the ERM function to the executive management committee.

Mango joined Everest Insurance in September 2018 as the global head of actuarial pricing and modeling. He has been responsible for leading the insurance global actuarial pricing and modeling team, and executing on all aspects of pricing and portfolio management strategies. Prior to joining Everest, he spent more than thirty years as an actuary and thought leader in insurance, reinsurance, Enterprise Risk Management, innovation and insurtech at companies including Guy Carpenter, GE Insurance Solutions and Munich Re.

Mango will be succeeded by Cameron Vogt as global head of actuarial pricing and modeling for the insurance division. Vogt currently leads the actuarial pricing, catastrophe modeling, and ceded reinsurance analytics teams for Everest Insurance.

Andrade commented: “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.

“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.”

Mike Mulray, chief underwriting officer of 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.”