Everest Re Group Ltd and its board of directors have extended the employment agreement of president and chief executive officer Juan C Andrade.

The global re/insurer said the extended agreement runs through the end of 2023 with automatic annual extensions following this term.

“In the past 24 months as Everest’s CEO, Juan has made exceptional progress positioning the company for long-term profitable growth,” said Joseph V Taranto, Everest chairman.

“On behalf of the entire board, we have the utmost confidence in Juan’s ability to lead Everest through its next phase of evolution and success.”

Mr Andrade said: "I am honoured to continue leading Everest into the future alongside a world-class management team and with the ongoing support of our board of directors.

“Together with our outstanding team around the world, we are profitably growing our company.

“I am excited to advance Everest’s strategic growth agenda to deliver even greater value for our shareholders and clients, while fostering a vibrant and inclusive culture for our employees.”