AM Best today announced that Roger Sellek will step down as CEO of AM Bests EMEA and AP regions effective 31 March 2019. Dr. Sellek joined AM Best in 2007. During his tenure at AM Best Dr. Sellek successfully led the expansion of AM Bests global business including the establishment of offices in Dubai, Singapore and most recently Amsterdam, with AM Best now providing rating services in more than 90 countries from its key regional hub offices.
As part of its strategic review and succession planning process, AM Best has taken the opportunity to streamline the management of its business. The new structure will enable the company to continue its growth in core strategic markets whilst responding to the rising costs of the local regulation of credit rating agencies in many territories. Larry Mayewski, CEO and Chairman of AM Best Rating Services in the United States will assume the position of CEO of AM Bests European rating subsidiaries in London and Amsterdam, whilst Matthew Mosher, Executive Vice President and Chief Operating Officer of AM Best Rating Services will take on the responsibilities of CEO of AM Bests Asia Pacific subsidiaries in Hong Kong and Singapore, pending regulatory approval.
On a functional basis, regional Market Development heads, back-office support, and Compliance will report to Mr. Mayewski, whilst Rating Analysis in the subsidiary offices will report via the Chief Rating Officer, Stefan Holzberger, to Mr. Mosher, who will continue to report to Mr. Mayewski. Nick Charteris-Black will continue as Managing Director, Market Development EMEA, based in London and will chair a new global market development forum with a focus on continuing to successfully grow AM Bests global rating coverage on a coordinated basis, and meeting the rating services needs of the worlds (re)insurance organizations.
To bring costs in line with regional growth potential and strengthen the Asia Pacific region, AM Best has also restructured its Market Development team and bolstered its Rating Analytics function. Greg Carter, Managing Director of Rating Analytics, EMEA & AP will be relocating to Asia to provide day-to-day analytical leadership in the Asia Pacific region whilst retaining his key responsibilities in London and AM Bests new Amsterdam office in the Netherlands, servicing EU clients. Under the restructuring of the Market Development team Jose Ribeiro, Managing Director Asia-Pacific, will be leaving AM Best.
Larry Mayewski said We want to thank Roger for his dedication and service to AM Best as well as his leadership in successfully growing our activities globally during a period of significant change and challenges for international credit rating agencies since the global financial crisis in 2008. He has also built strong management teams in our regional offices and I look forward to working with them directly as part of this transition.
During his tenure with AM Best, Jose has played an important role in helping to grow the business in the Asia-Pacific region. We would like to thank Jose for his service to the company.
AM Best is a trusted source of insurance market insight and data, and the only global credit rating agency with a unique focus on the insurance industry. Bests Credit Ratings are a recognized indicator of insurer financial strength and creditworthiness. Visit http://www.ambest.com for more information.
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