The former chief financial officer of PXRE Group, Robert Myron, is leaving Argo Group the new holding company that was formed in August by the merging of PXRE with San Antonio-based Argonaut.

According to a statement from the Pitts Bay Road-based Argo Group, Mr. Myron is stepping down to pursue "another business opportunity."

The 38-year-old will serve his last day with Argo Group on October 26.

While at PXRE, he served in a variety of capacities, including treasurer and later chief financial officer.

"Bob played a key role in ensuring the merger between Argonaut Group and PXRE Group proceeded smoothly and efficiently," said Argo Group president and chief executive officer Mark Watson III.

"His knowledge of and experience with the Bermuda insurance market as well as his professional expertise were invaluable during this process. We are grateful for all he contributed and wish Bob and his family well as he embarks upon a new chapter in his professional development."

At the same time Argo Group has announced that Mark Haushill has accepted an appointment to serve as the interim chief financial officer, while the company conducts a search to fill the position on a permanent basis. The company expects to complete its search in the fourth quarter.

"Mark Haushill has served as the chief financial officer of Argonaut Group since 2001 and has a thorough understanding of all of our businesses, including the International Specialty segment," said Mr. Watson. "His willingness to accept the role of interim chief financial officer of Argo Group assures that we will have a seamless transition of Mr. Myron's responsibilities."

PXRE was one of Bermuda's oldest established Class 4 insurance/reinsurance companies. It ran into difficulties after suffering heavy insured losses in the 2004 and 2005 hurricane seasons and as a result was given unfavourable outlooks from rating agencies that ended any realistic chance of it "re-loading" capital. The company's business was rescued by the merging or its operations with Argonaut Group to form Argo - which became an official entity in August.