The head underwriter for property insurer Glencoe Insurance finished up with the Bermuda insurer on Friday and has moved back to the US.

Albert J. Colosimo, who came to Glencoe two years ago from the Zurich Group in New York, has now moved to Florida and begins work on Monday with CNA Insurance Co., where he will be dealing with property risk management for the East Coast.

Mr. Colosimo was writing all the catastrophe business, direct wind and earthquake insurance at Glencoe.

Even with his departure, Mr. Colosimo praised Glencoe and RenaissanceRe as great companies.

"Both companies have a great future,'' he said from his new home in Florida yesterday.

Keith Hynes, president of Glencoe, a RenaissanceRe 80 percent-owned subsidiary, said: "Craig Tillman has assumed Al's responsibilities. Craig had been here before Al, and since the inception of Glencoe.

"He had worked side by side with Al and will now be our head underwriter.

There's no change in anything we're doing.

"Al was here for two years. We would have liked to have had him stay, but he had some family issues and decided to move back.

"It also gives us an opportunity to develop some of our younger people who had worked for Craig and Al before.'' Glencoe wrote $1.5 million in premium in its first year of 1996. In 1997, the direct writer had $7 million in premium.

Mr. Hynes said: "We expect it to grow modestly this year. The markets are very competitive and we are still looking for slow growth.

"We didn't go out and replace Al because the volume is not growing as fast as we would like in the current competitive market conditions.

"We do expect premium to grow this year. It's just growing at a slower rate than we had hoped for, which is fairly unique.''