Chief exec quits at Goshawk

CHRIS Fagan has quit as chief executive of Goshawk, the insurance group recently kicked out of Lloyd's for its management failings.

Although the company said he had resigned by mutual consent, Fagan will not be paid the year's salary to which he is entitled.

Asked two weeks ago whether he would resign over the Lloyd's debacle, he gave an emphatic denial, suggesting he has since been ousted.

Goshawk will not be pursuing him for the £266,000 bonus he received last year before the disastrous underwriting black hole appeared at its Lloyd's Syndicate 102. After an independent audit of the syndicate's business, the group had to increase its reserves by £48m.

Lloyd's then ordered Goshawk to cease trading at the London market, leaving it just with its profitable Bermudan reinsurance business, largely established by Fagan in his 18 months in the job.