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Member, Beacon International Group, Ltd.
HAMILTON, BermudaW. Marston Becker has been named chairman and chief executive officer of Max Re Capital Ltd., the company announced Monday.
Mr. Becker was installed as acting chairman and CEO by Max Re's board of directors following the departure late last month of Max Re founder Robert J. Cooney, who stepped down from the helm of the reinsurer in the wake of a reopened probe into the company's accounting for two finite risk contracts.
Mr. Becker a director at Hamilton, Bermuda-based Max Re since April 2004 previously served as chairman and CEO of Bermuda insurer Trenwick Group Ltd., and led the runoff for LaSalle Re Holdings Ltd.
"I am honored to serve as Chief Executive Officer of Max Re. This is a dynamic organization with superior underwriters and insurance professionals who have deployed our capital across a diversified portfolio of risks," Mr. Becker said in a statement. "I look forward to building on our present strong foundation as we guide the Company to ever increasing success for our shareholders."
Separately, Max Re reported net income of $121.5 million for the first nine months of 2006, compared with $22.1 million in the prior-year period.
Gross written premiums for the reinsurer for nine months ended Sept. 30 fell to $717.7 million in 2006 from $988.8 million last year.