Faraday has appointed Henry Ashton as its latest chief executive, subject to FSA and Lloyd's approval.
The appointment follows last month's dismissal of Milan Vukelic.
Vukelic, who was involved in investigations into finite reinsurance contracts at Faraday's parent firm General Re, had been on "administrative leave" since May.
Ashton joined Faraday Underwriting's Syndicate 435 in 1993 and has held several management roles, most recently as chief operating officer of the group.
Vukelic's departure is the latest in an exodus of senior Faraday personnel in recent years, including ex-chief executive Nigel Barton who departed to Oxygen and former chief underwriting officer Rolf Tolle who left for the Lloyd's Franchise.
Ashton and Faraday declined to comment.