Bermuda insurance veteran Don Kramer has stepped down as CEO of Ariel Holdings Ltd., five years after founding the company, it was announced today.

Mr. Kramer, who will become non-executive chairman of the company, will be succeeded in the role by George Rivaz, president of the company and non-executive chairman of Ariel Reinsurance Ltd. and Atrium Underwriting Group — the company’s two main subsidiaires.

Mr. Kramer, who was the former Ace Ltd. CEO and was honoured with a Lifetime Achievement Award by the Bermuda Insurance Institute in 2008, said: “George has demonstrated that he is a truly talented insurance leader who has not only a deep understanding of underwriting strategy and risk management, but also a commitment to developing talent throughout the organisation.“