Global property and casualty insurance and reinsurance firm Watford Holdings has announced the upcoming retirement of its chief executive officer John Rathgeber, on March 31.

In a statement, the company said that Rathgeber will remain a member of Watford’s board of directors and continue to serve as a senior advisor to the company.

“On behalf of the board, I want to extend a sincere thank you to John for his accomplishments as CEO,” said Walter Harris, chairman of the board at Watford.  “He has guided the company from its formation, navigated through challenging markets and ultimately spearheaded Watford’s entry into the public markets. I’m pleased we will continue to benefit from his insights and perspectives through his roles on the board and as an advisor to the company.”

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Rathgeber will be succeeded as CEO by Jonathan Levy, who currently serves as president of Watford. Levy joined Watford at its inception as its chief risk officer. Prior to joining Watford, Levy served as chief pricing actuary of insurance at Endurance Specialty Holdings.

“I am extremely pleased to turn over the reins to Jon, an immensely talented individual,” said Rathgeber. “I’m proud of what Watford has accomplished to-date and feel privileged to have helped establish a company with such a unique and powerful business model. I look forward to making further contributions to Watford’s success as an engaged board member.”

“I’m excited about the future of Watford and grateful for the opportunity to lead the company,” said Levy. “I’d like to thank John for his sage leadership over the past six years. It will be my mandate to build on the foundation that John has helped create. I look forward to working with our board, strong management team and business partners, Arch and HPS, to ensure Watford delivers long term value to its clients, employees and shareholders.”