The founder of the Dallas-based reinsurance broker which acquired The Park Group Ltd. at the end of last year has stepped down from the company.

Insurance brokerage veteranGary R. Griffith, who last year formed speciality wholesale and reinsurance brokerage firm APEX Insurance Inc. was expected to become chief executive officer of the merged firm, but that did not take place, Business Insurance reported on its website.

Instead, Paul Scope, the former chairman and chief executive officer of Park, Paul Scope, has become chief executive officer of APEX.

APEX acquired Park from IAS Park Group, the Bermuda holding company for the brokerage and captive management operations formerly owned by Mutual Risk Management Ltd.

Upon closing the deal in December 2003, Park became a wholly owned subsidiary of APEX and its sole operating asset. It had revenues of more than $20 million in 2003.

Mr. Griffith served as a consultant to APEX?s private equity provider-Dallas-based SunTx Capital Partners and last month, it decided not to renew his consulting contract, said Mr. Scope.

Mr. Griffith did not return phone calls from BI.

Mr. Scope said he is now in the process of changing APEX?s name to Park Group Inc. for clarity.

Other than the name change, ?nothing changes,? said Terry Nichol, chief operating officer of Park. SunTx will continue to financially support Park, and the company will move forward with its strategic plan to expand its specialty wholesale insurance and reinsurance broking business through organic growth and acquisitions of quality people and companies, he said.

Mr. Griffith announced the formation of APEX Shortly after stepping down last September from the helm of Dallas-based broker Summit Global Partners Inc., which he also founded.

Mr. Griffith intended to grow the Dallas-based firm into a large-account-focused alternative risk management, reinsurance and specialty wholesale brokerage. Park was the company?s first acquisition.