Wellington directors quit
LONDON (Bloomberg) — Wellington Underwriting Plc, a Lloyd's of London insurer that the Bermuda-based Catlin Group Ltd. agreed to buy in October, said four directors resigned from the company.Chairman John Barton, John Engestrom, Paul Hamilton and Julian Hance resigned their directorships as of December 31, the London-based company said in a statement today. All four directors were non-executives, Catlin spokesman Jim Burcke said yesterday.
"When the acquisition of Wellington was announced it was stated that the Catlin board would not be changed, so the resignation of four Wellington non-executive directors would be expected," Burcke said.
Catlin's acquisition of Wellington, which created the biggest insurer on the Lloyd's market, will help Catlin accelerate growth plans in the US. Under the deal, Catlin chief executive officer Stephen Catlin was made head of the enlarged company and former Wellington CEO Preben Prebensen was appointed as deputy CEO. Former Wellington underwriting director David Ibeson will also stay with the company, Burcke said yesterday.
