Life reinsurance company Scottish Re Group Ltd. announced last night that Paul Goldean will step down as president and chief executive officer at the end of this month.

Mr. Goldean's 16-month tenure in the role was his second spell as the company's CEO, after a previous 13-month stint between July 2006 and August 2007.

The Bermuda-based company has stopped writing new business and is in run-off.

Scottish Re said its board has appointed its chairman Jonathan Bloomer to the Office of Chairman to assist executive management in directing the company.

"The board wishes to thank Paul for his leadership of the company through a very difficult period and for all his efforts in ensuring that the Group can meet its obligations and move forward on its strategy of an orderly run-off.

"Having made very substantial progress on this, Paul has now decided to pursue other career options, and the Board wishes him every success in the future."

Mr. Bloomer is a partner of Cerberus European Capital Advisors, the UK arm of Cerberus Capital, a New York based investment manager.

He is also executive chairman of Lucida plc. Mr. Bloomer was previously group chief executive of Prudential from March 2000 until May 2005, and group finance director from January 1995.

Mr. Goldean's stint as president and CEO started on January 1, 2009.

Prior to his appointment, he served as Scottish Re's chief administrative officer from August 2007 to December 2008.

From July 2006 to August 2007, Mr. Goldean was the president and CEO and also served on the board of directors.

From February 2004 to July 2006, he served as executive vice-president and general counsel with responsibility for strategic transactions and capital markets.