Bermuda-based Everest Re Group Ltd. said Joseph Taranto has rescinded his retirement plans and will stay as chief executive officer until the end of 2012.

With Mr. Taranto's about-turn, his planned successor, the company's chief operating officer Ralph Jones, resigned with immediate effect last week.

The company had previously said Mr. Taranto would step down at the end of 2010.

"I am dedicated and energised to continue to lead the company forward," Mr. Taranto said. "Given all of Everest's strengths, I expect us to continue to perform well despite challenging market conditions."

Ratings agency AM Best said yesterday that all of Everest's ratings remained unchanged following the change of plan.

"While these major developments were not anticipated, AM Best expects that the current Everest Re business and operating strategies will remain unaffected and that the company will maintain its worldwide reputation, strong capitalisation and good operating results," read the AM Best statement.

"Mr. Taranto's reinstatement as CEO is expected to provide additional expertise to lead Everest Re through the current soft market."