LONDON (dpa-AFX) - Insurance company Lancashire Holdings Ltd. (LRE.L, LCSHF.PK) announced Wednesday that Richard Brindle, the Chief Executive Officer since he founded the business in 2005, has decided to retire from the Group and as a director, effective April 30. Alex Maloney will succeed Brindle as Group Chief Executive Officer, subject to necessary regulatory approvals. Lancashire shares declined around 3 percent in the morning trading in London.
Maloney is currently the Group's Chief Underwriting Officer and Chief Executive of its operating subsidiary in the UK, Lancashire Insurance Company (UK) Limited. Maloney joined Lancashire in December 2005 and since 2009 has led the Group's underwriting operations. He became UK unit's CEO in 2012.
Further, Paul Gregory, currently Chief Underwriting Officer of the firm's main UK subsidiary, will be promoted to the role of Group Chief Underwriting Officer.
Gregory joined Lancashire in May 2007 as a member of the underwriting team. In January 2009, he was appointed Chief Underwriting Officer for the UK unit.
Brindle said, 'After nine years at the helm of Lancashire I have decided that the time is right for me to retire from the Group. I have piloted the company through its design, creation, launch, establishment as a major player in its sector, business success, delivery of tremendous results to shareholders, and ability to operate nimbly and intelligently in markets both hard and soft.'
Maloney, the incoming CEO, said, 'We have had a good start to 2014, and the acquisition of Cathedral last year has bedded in well. I am excited about the prospects for the Group and look forward to continuing to execute our core strategy and to preserving the unique culture that has been an important element of our success.'
Lancashire's first-quarter results will be released on May 1.
In London, Lancashire shares lost 23.50 pence or 3.35 percent, and traded at 678.50 pence.
Copyright RTT News/dpa-AFX