by Jason Woolfe

The boss of American Re, the second biggest US reinsurer, has quit after the company reported a £350m loss.

Munich Re subsidiary president and chief executive Edward Noonan will leave after March when the renewal season is expected to be completed.

Munich Re put $1bn (£690m) into the operation last year to help it take advantage of rising reinsurance rates.

American Re reported net losses of $506.5m (£350m) in the third quarter of last year. This was attributed to the attacks on the World Trade Centre.

Munich Re was reported as saying last week: "Mr Noonan did a good job through difficult times but last year we aimed to make a profit at American Re."

Noonan will be succeeded by John Phelan, president of Munich Reinsurance Company of Canada.