Markel to split top reinsurance leadership roles after CUO Rhoads retires

Insurer  Markel Corporation has decided to split the role of president and chief underwriting officer (CUO) of global reinsurance business following the retirement of 40-year industry veteran Jed Rhoads at the end of 2022.

Rhoads has held executive positions with several organisations during his more than 40 year career in the insurance industry. He joined Markel in 2013 as part of its acquisition of Alterra Capital Holdings. Prior to that, he was president and CUO of Alterra. He also recently served as chair of the board of directors of the Reinsurance Association of America (RAA).

Upon Rhoads' retirement, Don Bahr will assume the role of president, with Tod Costikyan (pictured) promoted to CUO of Markel’s global reinsurance division. Both positions are currently held by Rhoads. Bahr and Costikyan joined Markel as part of the Alterra acquisition in 2013, and have many years of experience and knowledge of the reinsurance segment

In Bahr's new role, he will oversee annual and long-term business and financial planning for the division and will lead the execution of the global reinsurance business strategy. Costikyan will report to Bahr and will work with the team on underwriting strategy and business strategy.

Richie Whitt, co-CEO of Markel, said: "Markel is fortunate to have benefited from Jed's industry knowledge, leadership experience, and relationships throughout the industry. He has helped us build a strong team with deep underwriting and leadership talent. We are thankful for his contributions and leadership in positioning us for the future."

"With Don and Tod's deep expertise and knowledge of our business, our reinsurance team will be well positioned to help Markel build the leading global specialty insurer, with the broadest array of tools to address insureds' most complex risk management and risk transfer needs," he added.

Rhoads commented: "I'm honoured, privileged, and grateful to have had the opportunity to spend my entire career in this wonderful industry. Having worked with Don and Tod for nearly two decades, I am confident they are well prepared to lead the reinsurance operations forward."

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.