Lancashire Group founder and chief exec Richard Brindle to retire

Lancashire Group founder and chief executive Richard Brindle is to retire at the end of April.

He will be replaced by Alex Maloney, currently the group’s chief underwriting officer and chief executive of UK subsidiary Lancashire Insurance Company (UK).

Lancashire Insurance chief underwriting officer Paul Gregory will be promoted to group chief underwriting officer.

Maloney joined Lancashire in 2005, when he was responsible for building the energy underwriting team and account. Prior to that he was at Zurich for 15 years.

He also serves as a director of Cathedral Underwriting, acquired by the specialist London-listed insurer last year.

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.”

Maloney said: “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.”