Ariel Holdings Announces Management Changes

HAMILTON, Bermuda--(BUSINESS WIRE)--Ariel Holdings Ltd., a Bermuda-based insurance and reinsurance holding company, announced today the appointment of George Rivaz as Chief Executive Officer. Mr. Rivaz succeeds Don Kramer, the long-time insurance deal-maker who was instrumental in founding Ariel and who will continue to serve as non-executive Chairman of the Company.

Mr. Rivaz has been with the Company since its formation in December 2005, serving initially as Co-President and, since early 2008, as President. He also serves as non-executive Chairman of Ariel Reinsurance Limited and Atrium Underwriting Group, the Company’s two principal operating subsidiaries. Mr. Rivaz has 25 years of industry experience in a variety of underwriting and management positions.

Commenting on the changes, Mr. Kramer 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 organization. George was a key player in establishing Ariel Re’s franchise, led our acquisition of Atrium in 2007, and has positioned the Company well to take advantage of opportunities ahead. George and I have been associated together on and off for the last 16 years and I have the utmost admiration for his ability. I am both grateful to him for his contribution to the success of our company and confident that he is the right choice for leading it forward."

Ariel was established in 2005 by some of the world’s leading private equity investors and Mr. Kramer. Since its inception, Ariel grew its initial $1.0 billion equity to more than $1.7 billion at the end of 2009 having reported record profits for the recently concluded fiscal year.