Ratings agency Fitch has placed the insurer financial strength rating of London market insurer, The Underwriter, on rating watch negative.
The move follows the announcement that the company's chief executive officer (CEO), Keith Rutter, has resigned from the company by mutual agreement.
Fitch's said its concerns centre on The Underwriter's mixed recent performance. The company's 1999 to 2001 results fell below expectations, it said.
Rutter, who formerly worked at Independent Insurance, set up The Underwriter in 1999 with backing from Morgan Stanley Dean Witter Capital Partners.
Nigel Rogers will be appointed new CEO, subject to FSA approval.
Robert McCracken, chairman of The Underwriter, said: "We are very pleased to announce Nigel's appointment as CEO.
"His experience and talents directing the teams led by Andrew Pooley, Terry Evens and David Larwood, will greatly help to ensure the future success of The Underwriter."
