Longtime Travelex Insurance Services CEO and president Michael Ambrose has announced his retirement. He will be succeeded by Shannon Lofdahl, Travelex's current executive vice president.

Ambrose has been Travelex's president since it was founded in 1996. Ambrose was promoted to CEO of the North America region after the company was acquired by Cover-More Group, part of Zurich Insurance Group, in 2016.

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Lofdahl has been with Travelex for more than 24 years and has led its business and product development, operations and technology teams. She has also overseen the company's relationships with underwriters, third-party administrators and assistance companies. She has served six years on the U.S. Travel Insurance Association's board of directors and is still active with the organization.

Lofdahl was officially promoted on Nov. 1. Ambrose will stay involved in the company until Jan. 31 to assist her transition into her new role. He will then become a nonexecutive director of the Cover-More Group business across North America.

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