Bermuda-based insurer Ironshore has announced the resignation of its president and chief underwriting officer effective today.

Ironshore said that Leslie Rock, who has been with the company since it formed in Bermuda in January 2007, was leaving his post for personal reasons.

The company said a number of other executives would be filling Mr.Rock's role as of today.

Senior property underwriters Howard Barnes, Peter Coleman and Rod Todd will continue to underwrite property insurance through Ironshore's Bermuda office, the company said. And board member Russell John a retired president and CEO of Swiss Re Underwriters has agreed to take on a more active oversight role for underwriting at each of the platforms in Bermuda, the US and London. He currently serves as board's chairman of the Underwriting and Risk Committee.

"On behalf of my colleagues we thank Les for his many contributions to Ironshore," said Ironshore chief executive officer RobertDeutsch. "He leaves Ironshore in a strong financial position. We wish him all the best." Ironshore Insurance is the main subsidiary of Ironshore Inc, based in the Cayman Islands.

The company formed with a capitalisation of over $1 billion and Mr.Rock as part of its key management team.

Last month the company successfully tapped into the Lloyd's market with its purchase of Pembroke Managing Company after a failed attempt to take over Heritage Underwriting, of which Mr.Rock was a former director, earlier this year. Heritage was eventually purchased by the Argo Group.

Yesterday, Mr, Deutsch said that despite the unprecedented challenges in the global business climate, Ironshore continues to build its business.

"This year has witnessed exceptionally large worldwide property per risk losses and natural catastrophes, including Hurricanes Ike and Gustav where industry losses are estimated at $21 billion and $4 billion, respectively," Mr. Deutsch said. "Combined with the significant decline in the financial markets, demise of many financial institutions and widening of credit spreads, this has been a challenging year.

"Despite this difficult environment and the initial investment to build out platforms in Bermuda, the United States and London, I am pleased to say that our stockholders' equity at September 30, 2008 is $1.0 billion."

Ratings agency AM Bestresponded to the news yesterday by maintaining its ratings outlook for Ironshore and its subsidiaries. The Ironshore group of insurance companies is rated A- (excellent) by Best. However, as Ironshore has only put in place a short-term solution for the assumption of Mr.Rock's duties,AMBest said it will continue to monitor the situation and re-evaluate the issue once a permanent replacement for the CUO was found.

"Despite this change in management, the underwriting strategies of Ironshore will remain unchanged," AM Best said. "Furthermore, premium lost due to Mr. Rock's departure is expected to be minimal. Moreover, Ironshore has the depth in Bermuda to continue to underwrite property lines with several senior underwriters that have extensive experience writing property lines of business."