Bermuda-based CRM Holdings Inc. (CRMH) yesterday announced that co-chief executive officer Martin D. Rakoff has resigned to pursue other interests.

The workers’ compensation risk management company said the other co-CEO, Daniel G. Hickey Jr., will become the sole chief executive, while remaining chairman.

CRM named Keith S. Hynes, a director, to replace Rakoff as deputy chairman.

The company also named Robert V. Polansky senior vice-president of sales and product development. Polansky was previously at Arthur J. Gallagher & Co. (AJG).