(Bloomberg) ? Goshawk Insurance Holdings Plc, a UK insurer that last year was ordered to stop writing new business at Lloyd?s of London as losses eroded its capital, said Finance Director Andrew Castell will resign.

Jon Beck, chief financial officer of the main Goshawk Re unit, will take over from Castell, who leaves on April 2, the London-based company said in a Regulatory News Service statement. Goshawk Re?s renewal season for reinsurance premium rates in January 2004 was ?satisfactory,? the company said.

Goshawk, which insures property, aircraft and ships, is focusing on writing reinsurance through its Bermuda-based property and casualty unit after Lloyd?s in September rejected a proposal to allow Goshawk to write business without injecting new funds. Lloyd?s of London is the world?s oldest insurance market.

The reinsurance division plans to focus on ?higher margin? business, the company said today. Business in 2003 was ?creditable,? helped by ?moderate loss activity and good investment results,? Goshawk said in the statement.

Goshawk?s shares slumped two-thirds in September, after the company forecast a 2003 loss as it increases reserves for past years. Goshawk in July said it might put itself up for sale.

Castell?s departure follows the resignation in November of chief executive officer Chris Fagan. Paul Spencer, a non- executive director of Britannic Group Plc, was appointed non- executive chairman. Russell Brooke, CEO and chief underwriting officer for Goshawk Re, was appointed to the board.