Goshawk, the Lloyd's of London insurer effectively up for sale since it issued a profit warning in July, on Tuesday took steps to resolve its problems with a management shake-up, according to the Financial Times.

In a report this week, the newspaper said that Goshawk had also reiterated its preference to remain independent, but admitted it would consider any approaches.

It said that David Hooker, 61, is to retire from his role as chairman at the end of the year following investor pressure to beef up Goshawk's board.

Goshawk's management came in for criticism when a profit warning forced it to announce a strategic review - including a possible sale of the company, according to the report.

It blamed exposure to Accident Group, the collapsed claims group, and deteriorating results from its cargo underwriting business, including a $10m policy on the payload of Columbia, the US space shuttle that exploded on re-entry in February, added the FT.

Analysts, however, said weak underwriting controls were to blame, said the article.

Goshawk said Andrew Gammell would give up his underwriting role at Goshawk Re, its Bermuda-based subsidiary, and return to London to head the underwriting team at Goshawk's Lloyd's syndicate 2020.

Russell Brooke, previously with reinsurer ACE, will take charge of the Bermudian subsidiary, an appointment Chris Fagan, Goshawk chief executive, described as a "real coup".

Mr Fagan said he expected further management changes as part of the strategic review and reiterated his wish for the company to remain independent.

"Our job is to build a robust business. Though a sale is not our favoured option, if we were approached we would take it seriously."

Dilip Shah, at Altium Capital, said the reshuffle was a "step in the right direction" which he said created "clearer channels of responsibility".