Shares dip after Lancashire CEO leaves the company he founded

 
Kate McCann
Follow Kate

RICHARD Brindle is to leave Lancashire, the property and casualty insurer that he founded in 2005.

51-year-old Brindle will retire from his position as chief executive and director at the end of April and will be replaced by current chief underwriting officer Alex Maloney, who joined the company in December 2005.

Shares dipped after the announcement, initially falling by five per cent before picking up slightly.

Brindle said: “After nine years at the helm of Lancashire I have decided that the time is right for me to retire from the group.”

Incoming CEO Maloney said: “It is a great privilege to be given this opportunity. We have had a good start to 2014 ... I am excited about the prospects for the group.”