Bermuda-based workers' compensation insurer CRM Holdings, Ltd. has appointed James Scardino to serve as interim chief executive officer.

Mr. Scardino, who is the company's chief financial officer, will replace Daniel Hickey, CEO and chairman, who has stepped down from the top role.

Mr. Scardino will serve as acting CEO until a permanent replacement for Mr. Hickey is named. A committee of the CRM board has been formed and is conducting the search for a new CEO.

Keith Hynes, current deputy chairman of the board, will assume the role of acting non-executive chairman.

"On behalf of the entire board and CRM's employees, we want to thank Dan for his dedication and all of the contributions he has made since founding this company in 1999," said Mr. Hynes.

"Under Dan's vision and leadership, the company has grown from a Poughkeepsie-based third-party administrator of two professionals to its current status.

"During his tenure, the company increased its book value and total assets substantially. His departure opens the door for new leadership at a time which the board believes is the right time to move the company forward to improve its performance with a focus on the core underwriting business.

"Dan's legacy is his ability to attract capable, committed and talented insurance professionals. We wish him and his family the best."

"The board's search will include candidates outside the company." said Mr. Hynes.