Richard Brindle, the founder and CEO of specialty insurance and reinsurance company Lancashire Holdings Limited is to retire, according to a release. Group Chief Underwriting Officer Alex Maloney will be appointed the new CEO.
Brindle, who formed Lancashire back in 2005, has notified the Board of his decision to retire from the Group and as a director. His retirement will come into effect at the Lancashire AGM on the 30th April.
Alex Maloney, Lancashire’s Group Chief Underwriting Officer and Chief Executive of Lancashire Insurance Company (UK) Limited, will be appointed as Group Chief Executive Officer, subject to the necessary regulatory approvals. Paul Gregory, currently Chief Underwriting Officer of Lancashire Insurance Company (UK) Limited, will be promoted to the role of Group Chief Underwriting Officer.
Richard 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. Lancashire and Cathedral’s staff represent a bench-strength of talent that is second to none in this market; they share in the equity of the company and in its unique culture of dedicated service coupled with practical acknowledgement of the debt we owe to those less fortunate than ourselves. These considerations allow me to move on in the sure knowledge that the business is healthy and in good shape, as indeed I am myself. I am grateful to my colleagues past and present, and to the many others who have contributed to our success to date.”
Martin Thomas, the Group’s Chairman commented; “Richard has been the driving force behind the success of the Group since its formation, building a team of the highest quality and determined to create a distinctive business with a market leading track record. We are sad that he has chosen this moment to retire, and are grateful that he leaves the company in as strong a state as one could wish, renowned for the high quality of its staff, its cadre of talented specialty underwriters, and its ability to respond to shifts in the market. On behalf of the rest of the Board and the entire business, I wish him well for the future. Alex Maloney has demonstrated sound judgement and commercial acumen as our Group Chief Underwriting Officer and has already shown his management skills as Chief Executive of the Group’s main UK subsidiary and I am sure that the Group will continue to flourish under his leadership. I look forward to working closely with him in his new role, and with Paul Gregory in the role of Group CUO. Both of these appointments are in accordance with the Board’s group succession plan.”
Alex Maloney, the new Group CEO as of May stated; “It is a great privilege to be given this opportunity. 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.”
Richard Brindle has been an outspoken proponent of the use of third-party capital in insurance and reinsurance and Lancashire has successfully operated a number of third-party reinsurance capital initiatives, with the latest being its Kinesis Capital Management unit.
He has successfully built a global leader in the specialty insurance and reinsurance world, with Lancashire’s products being used by many of the world’s largest companies, insurers and reinsurers.
No doubt Brindle will be missed at the firm, however in Alex Maloney Lancashire has a very qualified person to step into the CEO role. Maloney too has been instrumental in the design of Lancashire’s products and culture, the quality of its underwriting and its third-party capital management strategy development.