A founding director of a reinsurance firm has quit his post.

Blue Capital Global Reinsurance Fund said yesterday that Neil McConachie, who has been a non-executive director since the firm started in 2012, had stood down “to pursue another opportunity in the reinsurance sector.”

It was announced earlier this week that Mr McConachie is now the group chief financial officer of Fidelis Insurance, a new insurance and reinsurance firm set up with $1.5 billion in equity.

A spokesman for Blue Capital said: “The board intended to appoint a new independent non-executive director to fill the vacancy left by Mr McConachie’s departure.

“The board has commenced a formal process for identifying a suitable candidate to fill the vacancy and the company will announce Mr McConachie’s replacement in due course.”