Bermudian Stephen Young is to take over as Endurance Specialty Holdings Ltd’s chief executive officer of global reinsurance from the start of next year.

Mr Young, who is the chief underwriting officer and head of global catastrophe reinsurance, will succeed Jerome Faure as global reinsurance CEO after Mr Faure’s retirement on January 1, 2016, the Bermuda-based firm announced last night.

Endurance chairman and CEO John Charman said: “Jerome has been a highly valued partner and an integral driver of the transformation of Endurance Re over the last few years.

“I want to thank him for his lasting contributions to our success and wish him much enjoyment and good health in his upcoming retirement.

“We are very fortunate to have in Stephen Young a distinctly qualified successor, with extensive global experience during his tenure at Endurance Re, to take the reins from Jerome.

“Over the next few months, I look forward to working closely with both Jerome and Stephen to ensure a smooth and seamless transition on January 1.”

Mr Faure will retire after nearly 30 years in the industry.

“I have been very fortunate throughout my career to have worked with many talented individuals and have thoroughly enjoyed my time at Endurance,” Mr Faure said.

“I am confident that I am turning over the keys to an exceptionally strong reinsurance leadership team who are more than capable to lead Endurance Re well into the future.