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Mr Young has been with the company for 12 years, serving in positions of increasing responsibility. For the past year, Mr Young has had overall responsibility for OdysseyRe's US insurance and London market divisions, serving as CEO of global insurance and London market operations for Odyssey America Reinsurance, OdysseyRe's principal operating subsidiary.
As COO, Mr Young will have operational oversight responsibility for OdysseyRe's operations throughout the world. The heads of OdysseyRe's Americas, London market, EuroAsia and US insurance divisions will report to Mr Young in his new capacity.
Mr Wacek has been with the company for 11 years, presently serving as executive vice president of OdysseyRe and president and chief risk officer of Odyssey America, and heading up OdysseyRe's Americas division.
Mr Wacek's new position will encompass and expand upon his current duties as Odyssey America's chief risk officer, and will include enterprise-wide responsibilities critical to ensuring consistent, effective risk management throughout OdysseyRe's global operations. Pending appointment of the new head of OdysseyRe's Americas division, Mr Wacek will remain in his current role on an interim basis.
Andy Barnard, CEO of Odyssey Re, said: "Throughout his time with us, Brian's knowledge of the industry and his hands-on approach to management have added value to our enterprise in innumerable ways. Mike's approach to risk management incorporates operational expertise, actuarial skills and knowledge of the markets that have been honed by more than 30 years in the industry.
"OdysseyRe believes that the present instability in the financial and underwriting markets presents great opportunities, as well as obvious dangers. Having Brian and Mike in these vital positions will leverage their strengths across our enterprise, and enhance our ability to meet these new challenges."
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