Management at newly renamed Rosemont Re this week painted a bright picture of the company's future after moving to distance itself from discontinued units under parent Goshawk.

The renaming of the Bermuda-based reinsurance arm ? which was known as Goshawk Re until being given the name of Rosemont on Friday ? followed massive financial woes for UK-based Goshawk's Lloyd's Syndicate 102 culminating in the venerable London market stepping in to halt business, effectively leaving it in run-off.

Goshawk attributed its financial woes at Lloyd's to the company's boosting of its reserves for prior year losses. The need to boost reserves stemmed from costs, legal expenses and cargo-insurance business for "prior years", Goshawk said last September. The company was also a lead insurer on a Columbia shuttle policy for $10 million.

But the problems that have plagued the Lloyd's unit were said to have no bearing on the fortunes of the Bermuda reinsurer, with there being, in addition to the shift in name and branding, new management at the helm.

Goshawk executed a number of senior management cuts last fall including the axing of chief executive officer Chris Fagan and underwriting director Andrew Gammell. The management shake-ups also saw chairman of Goshawk Insurance Holding Plc, David Hooker, quit the board. At the time, Goshawk said it planned to focus its resources on its Bermuda operation and the chief executive of that business Russell Brooke ? who was hired away from ACE last year ? was named to the board.

This week, Goshawk Insurance Holdings Plc Russell Brooke, who had been CEO of Goshawk Re, before assuming oversight for the group, said in a press statement: "The purpose of the rebranding is to further differentiate the Bermuda operation from the discontinued operations of the group and to allow the underwriting team to continue building a new franchise from the stable foundations already laid."

Rosemont Re also has a refined business strategy with the company saying the former Goshawk Re had moved to exit several lines of business in favour of focusing resources on "core competency" areas property and marine reinsurance.

Mr. Brooke said: "I am confident that Rosemont Re, under the guidance of the new executive management team comprising Paul Spencer, Jonathan Beck and myself, as well as our experienced team of underwriters, will benefit from a distinct platform.

"I look forward to putting the final touches to the underwriting team shortly and I believe that we are now well positioned to capitalise on our transparent business plan and our niche position in the Bermuda market."

Goshawk Re is considered one of the Island's 'start up' companies with it having been one of a wave of reinsurers to set up on the Island after a void in capacity following the September 1, 2001 terrorist attacks.

Mr. Brooke concluded: "Building a strong franchise always takes time. Good service, expertise and consistency are areas where we are developing a favourable reputation. The rebranding is part of this franchise building exercise and one that we are particularly excited about. This is something the whole team believes in and in many ways represents the beginning of an exciting future."