Lancashire Holdings president Neil McConachie will step down from his executive role at the end of this year.The Bermuda reinsurer said yesterday that Mr McConachie intended to continue on the Lancashire board as a non-executive director, from the start of 2013.“I’ve had a fantastic time over the past six years since helping set up Lancashire,” Mr McConachie said in a statement yesterday.“Coming to the decision to move onto other things was difficult, but I’m looking forward to remaining employed at Lancashire for the rest of the year and staying on the board beyond that.“Except for this, I plan to take time out from the industry. I look forward to this new phase in my continuing commitment to Lancashire. It’s a brilliant wee company.”Lancashire’s CEO Richard Brindle said Mr McConachie had played an important part in the company’s progress since it was set up in Bermuda in 2005.“Neil has been with us from the beginning and his wisdom and drive have played a pivotal role in every stage of the success of Lancashire,” Mr Brindle said.“But this is not goodbye. Even though Neil will be scaling back his daily responsibilities over the course of the rest of 2012 and will leave his executive position at the end of the year, we will continue to benefit from his knowledge and commitment as a non-executive. In the meantime, on behalf of all of us at Lancashire, I’d like to extend our sincere thanks to Neil for his tremendous contribution to the story so far.”The company plans to transition Mr McConachie’s responsibilities as president to chief operating officer Stuart Blakeborough, and chief financial officer, Elaine Whelan.Standard & Poor’s Rating Services said yesterday that its A- rating on Lancashire will remain unchanged after the departure.“It is our view that this management change is not a concern given Lancashire’s management strength and underwriting staff members’ solid track record,” the rating agency stated.