Quanta has named Peter Johnson, a runoff specialist, as its new president and chief executive officer. Johnson was the chairman and CEO of the Home Insurance Company during its run-off from June 1995 to March 2003. He succeeds interim CEO Robert Lippincott III. The Quanta also board confirmed the company's strategy moving forward, stating that it will continue to participate in the underwriting activities of the Lloyd's market by maintaining its investment in Syndicate 4000 and will pursue an orderly, self-managed run-off of its remaining insurance and reinsurance operations. It will also pursue the sale of the ESC subsidiary, an environmental consulting company that is not engaged in insurance operations.
Executive chairman James Ritchie said, "It is in the best interests of the company and its shareholders to support the future underwriting operations of Syndicate 4000 while pursuing an orderly, self-managed, run-off of Quanta's remaining insurance and reinsurance businesses. Peter is a specialist in discontinued insurance operations and claims management and has an established track record in this area with industry leaders including Zurich Insurance, Aon and others. Peter's experience includes managing the largest run-off in the history of North American insurers. We welcome him to the helm, and look forward to working together."Recent Related News Quanta accountants quit as control errors emerge Quanta and Chaucer launch new Lloyd's Managing Agency
