Lancashire Holdings Ltd’s founder and chief executive officer Richard Brindle is to retire from the company at the end of this month.

The Class of 2005 Bermuda start-up re/insurer announced today that Mr Brindle would retire from the Group and as a director with effect from the forthcoming annual general meeting on April 30.

Alex Maloney, currently the group’s chief underwriting officer and chief executive of the group’s operating subsidiary in the UK, Lancashire Insurance Company (UK) Ltd, will be appointed group CEO, subject to necessary regulatory approvals.

Paul Gregory, currently chief underwriting officer of Lancashire Insurance Company (UK) Ltd, will be promoted to the role of group chief underwriting officer.

Mr Brindle said in the company’s statement: “After nine years at the helm of Lancashire I have decided that the time is right for me to retire from the Group. I have piloted the company through its design, creation, launch, establishment as a major player in its sector, business success, delivery of tremendous results to shareholders, and ability to operate nimbly and intelligently in markets both hard and soft.

“Lancashire and Cathedral’s staff represent a bench-strength of talent that is second to none in this market; they share in the equity of the company and in its unique culture of dedicated service coupled with practical acknowledgment of the debt we owe to those less fortunate than ourselves.

“These considerations allow me to move on in the sure knowledge that the business is healthy and in good shape, as indeed I am myself. I am grateful to my colleagues past and present, and to the many others who have contributed to our success to date.”

Lancashire chairman Martin Thomas said: “Richard has been the driving force behind the success of the group since its formation, building a team of the highest quality and determined to create a distinctive business with a market leading track record.

“We are sad that he has chosen this moment to retire, and are grateful that he leaves the company in as strong a state as one could wish, renowned for the high quality of its staff, its cadre of talented specialty underwriters, and its ability to respond to shifts in the market.

“On behalf of the rest of the board and the entire business, I wish him well for the future. Alex Maloney has demonstrated sound judgement and commercial acumen as our group chief underwriting officer and has already shown his management skills as chief executive of the group’s main UK subsidiary and I am sure that the group will continue to flourish under his leadership.”

Mr Maloney said: “It is a great privilege to be given this opportunity. We have had a good start to 2014, and the acquisition of Cathedral last year has bedded in well. I am excited about the prospects for the group and look forward to continuing to execute our core strategy and to preserving the unique culture that has been an important element of our success.”