Key events in the history of Quanta Capital Holdings:

Formed in September, 2003 through a private offering. Founder Tobey Russ, with the help of Arlington, Virginia investment bank Friedman Billings Ramsey, tapped institutional investors for $550 million in initial capital. Mr. Russ, a former AIG executive, founded the insurer after being leaving Chubb Corp.

Listed on the Nasdaq in May 2004, with the shares floating at $11. The public issue was also handled Friedman Billings, which has been one of the insurer's largest shareholders throughout Quanta's short history.

At the time of the company's formation, it bought environmental consulting firm ESC. The firm's principal, Michael Murphy, became chief operating officer of Quanta.

The company ran into troubled waters even before it was officially open for business, facing legal action from CNA Insurance Companies over some ex-employees that had joined Quanta. The matter was settled in December 2003.

On the financial side, Quanta has posted losses in eight of its ten quarters in operation. Investors have also been hit by a multi-million dollar price tag for severance packages to a wave of dedeparting executives. In the last year Quanta has lost the heads of its US and Bermuda reinsurance units, its chief financial officer, its chief executive officer (Mr. Russ) and its chief claims officer.

Quanta's heaviest financial losses were in the last six months, mostly as a result of record 2005 hurricane activity. In the third quarter it lost $59.1 million, and followed with a $54.7 million loss in the fourth quarter. And in the first quarter it posted another loss of $17.1 million. The losses are on top of about $50 million in storm losses from the 2004 hurricane season.

Quanta went to Friedman Billings Ramsey after last year's large hurricane losses put pressure on its balance sheet, to help raise additional capital. A public offering of common and preferred shares added about $129 million to coffers, a move that the insurer told investors would satisfy capital requirements in place to keep its 'A-' financial strength rating.

On March 1 the company said its losses in the fourth quarter were going to be much higher than expected, prompting a downgrade of its 'A-' financial strength rating from A.M. Best. The development called into question the company's business prospects, and interim management (a temporary chief executive and new chairman were appointed after Mr. Russ' departure) said the company was exploring "strategic alternatives" including going up on the sales block or closing to new business. Friedman Billings was hired to advise the company. J.P. Morgan was added as an adviser later.

Despite investor willingness to pump money into Quanta, the shares have lost value since listing on the Nasdaq. The shares are now trading at a fraction of their initial $11 pricing, closing on Friday at $2.39.

On May 25, Quanta said it was to put most of its insurance and reinsurance operations into run off. The news came two weeks after chairman James Ritchie renewed investor hopes that a sale might be worked out.