Talbot Underwriting’s  CEO Rupert Atkin will step down and take up the Chairman’s role early next year, Bermuda-based parent Validus Holdings says.

MD Peter Bilsby will become CEO from March 1 next year.

Michael Carpenter will step down as chairman on the same date but will remain a non-executive director of Talbot and a member of Validus’ board of directors. 

The appointments are subject to Lloyd’s and regulatory approvals. 

Mr Bilsby joined Talbot as head of global aerospace from XL London Market in September 2009, and served as director of underwriting until he became MD in November 2013. 

Mr Atkin set up Syndicate 1183 in 1991 with two employees and a £6 million capacity, and has overseen its growth to 349 staff and a £625 million ($1.31 billion) capacity.

Talbot Underwriting operates in the Lloyd’s market through Syndicate 1183.

Validus Chairman and CEO Ed Noonan says he has “no doubt” Mr Bilsby will build on his predecessor’s achievements.

“Since joining Talbot, Peter has been a major contributor to the strategic direction of the business,” Mr Noonan said.

“His leadership skills, industry experience and first-hand knowledge of underwriting specialty risks make him the ideal candidate to take Talbot forward in its next phase of growth.”