Ariel Holdings Ltd.'s new CEO George Rivaz admitted he has some big shoes to fill after taking over from Bermuda insurance veteran and former boss Don Kramer.

Mr. Rivaz, who was previously president of the company and non-executive chairman of Ariel Reinsurance Ltd. and Atrium Underwriting Group — the company's two main subsidiaries, is seen as a natural successor, having worked extensively with Mr. Kramer in the past and served as his number two at Ariel for a number of years.

But he is now looking forward to setting his own stamp on the company and enjoying further success in the future.

Mr. Rivaz paid tribute to his predecessor's achievements, adding that the handover was something they had been planning for some time.

"He has got a fantastic track record and an almost legendary status," he said of Mr. Kramer.

"Don and I have known each other a long time and we worked together on the formation of Tempest Reinsurance in 1993 and in my capacity as non-executive chairman at Ariel Re."

Mr. Rivaz believes the company has been left well-positioned and is in good shape following Mr. Kramer's decision to step down after five years at the helm and assume the role of non-executive chairman, as announced last week.

The new CEO said he will now be primarily focused on the segments of the market where pricing remains relatively strong, including the US catastrophe business, which comprises the bulk of Ariel's portfolio.

"The business is probably largely going to continue as is," he said. "Ariel Re in Bermuda will be adopting a relatively defensive position as the market continues to soften and we will look to take advantage of the opportunities available."

Mr. Rivaz said that Mr. Kramer will continue to have an active input into the company, providing him with support and guidance, as well as chairing various boards, freeing up his time to pursue his numerous activities inside and outside of the business world, including the Bermuda First Report.