11th Dec 2015 12:59
LONDON (Alliance News) - Peter Scales and John Lynch are set to leave Cathedral Capital Ltd, the underwriting house that specialist insurer Lancashire Holdings Ltd acquired in November 2013 to enter the Lloyd's of London insurance market.
Scales is the chief executive of Cathedral, while Lynch is its chief financial officer, and both have been at the helm for the 15 years since Cathedral was founded. They will leave on March 31, 2016, Lancashire said in a statement on Friday.
Alex Maloney, the chief executive of Lancashire, said Cathedral has been "central" to the group's wider objectives, complementing its UK and Bermuda operating platforms and our Kinesis third-party reinsurance capital business.
"Their departure is part of the continuing integration of Cathedral into the Lancashire group of businesses," Maloney said.
"Whilst all sides of our wider group have distinct and separate underwriting cultures, each is appropriate to the type of business underwritten and the respective risk profiles and underwriting strategies," Maloney added.
The Lancashire boss said the group doesn't want to operate a "monolithic one size fits all approach" to insurance underwriting, but one that is "tailored" to the needs of clients and brokers.
Shares in Lancashire were up 1.0% at 612.50 pence on Friday afternoon.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Lancashire Holdings