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Both the CEO and chief financial officer of Cathedral Capital Ltd., the Lloyd's of London operation of Lancashire Holdings Ltd., will leave the company on March 31, Lancashire announced.
Lancashire said Friday that an agreement had been reached with Peter Scales, CEO, and John Lynch, CFO, who have led Cathedral since it was founded 15 years ago, to leave the company.
Lancashire acquired Cathedral in November 2013.
In a statement, Alex Maloney, CEO of Lancashire, said that Messrs. Scales and Lynch's “expertise and dedication has helped establish Cathedral as one of the most successful and well-known businesses at Lloyd's with a respected franchise and an excellent portfolio of clients.”
“We will continue to work together until their departures, and I would like to thank them both for the immense contribution which they have made to Cathedral over many years and to wish them well for the future,” he added.
Mexico City-based reinsurer Reaseguradora Patria S.A. has received approval from Lloyd’s of London to set up a special purpose syndicate to underwrite short-tail specialty Latin American business.