Ariel Holdings, a Bermuda-based insurance and reinsurance holding company, has appointed George Rivaz as CEO. He 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 Ariel Holdings since its formation in December 2005, serving initially as co-president and, since early 2008, as president. He also served as non-executive chairman of Ariel Reinsurance and Atrium Underwriting Group, the company’s two principal operating subsidiaries.

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.