The board of Bermudian-based reinsurer Sirius International Insurance Group Ltd has elected a new chief executive officer and a new chief financial officer.

Kernan “Kip” Oberting will succeed Allan Waters as CEO of Sirius Group, and Ralph Salamone will replace Mr Oberting as CFO, in each case effective February 9, 2019. The company said it was implementing its succession plan.

In addition, Meyer (Sandy) Frucher, the chairman of the Nominating and Governance Committee of the Sirius board, was appointed as interim non-executive chairman.

Mr Waters has stepped down as a director of Sirius Group, effective February 9, 2019, and will stay on to provide advisory services to Mr Oberting and other senior executives.

Mr Oberting, 49, has served as president of Sirius Group since September 2018 and CFO since April 2016. He has also served as president of Sirius Capital Markets since April 2016. Prior to that, Mr Oberting served as a senior partner of White Mountains Capital from July 2012 until April 2016.

Mr Salamone, 52, is the CEO of Sirius Global Services, a position he has held since 2010. He has also served as the CFO and treasurer at Sirius America Insurance Company since 2012.

Mr 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 recognised 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.”

Mr Oberting said: “I am honoured 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.”

Sirius Group is a Bermudian-based holding company with re/insurance operating companies in Bermuda, Stockholm, New York and London.