Bermuda reinsurer Maiden Holdings Ltd’s chief financial officer John Marshaleck has decided to retire at the end of this year, the company announced last night.

In the interim, Mr Marshaleck will serve as chief operating officer focusing his efforts on ensuring a smooth transition of responsibilities.

Karen Schmitt, president of Maiden Reinsurance Company, the company’s US subsidiary, has been promoted to the role of CFO of Maiden Holdings, Ltd.

Tom Highet, executive vice-president, US Treaty, has been promoted to president of Maiden Reinsurance Company. These management changes are effective May 13, 2014.

Commenting on the announcement, Art Raschbaum, president and chief executive officer of Maiden, thanked Mr Marshaleck for his “formidable efforts in helping to build Maiden Holdings”.

“For over 30 years John has played a vital leadership role at Maiden and its predecessor companies,” Mr Raschbaum said. “We are very fortunate and pleased that he will remain with Maiden until the end of 2014 to ensure a smooth transition for Karen Schmitt, who has been promoted to the role of chief financial officer.

“Karen and I have worked together for 15 years and during that time she has proven herself to be an outstanding insurance and finance executive and during the last six years has provided outstanding leadership to our US subsidiary.

Mr Raschbaum added that Mr Highet was “a highly respected insurance professional with 29 years of reinsurance experience with a proven track record of successfully and profitably building the businesses that he has managed”.

“These changes are consistent with Maiden’s succession plan and reflect the depth of our management team.” the CEO added.