Nigel Rogers to run Bermudan insurer and reinsurer?

Markel Corporation's former executive vice president of international operations has been asked to head up a new $1bn Bermudan start-up.

Nigel Rogers, who was also president and chief executive of Markel's subsidiary, Terra Nova Holdings, is considering the offer, which will make him chief executive of a reinsurance and insurance company.

Rogers said, since he left Markel in 2000, he had maintained an interest in the London Market, particularly as he was an unlimited liability Name at Lloyd's.

"During the period since my resignation I received inquiries from a number of people asking if I would be interested in joining them," he said. "This included Lloyd's agencies, intermediaries and investment banks."

Rogers is now considering offers that are "sufficiently exciting or hold a special interest".

"Since September last year, a huge amount of new money has been invested in existing and more particularly, start-up companies in Bermuda," he said.

"Very recently I was asked by the promoters of a proposed new company if I would be interested in becoming chief executive. The company plans to write a wide range of insurance and reinsurance business in the London and Bermuda markets and is looking to raise $1bn."

Rogers added that, although the proposal was in a "conceptual phase", some very senior individuals from the US insurance industry were considering getting involved. He said many quality underwriters had indicated they were willing to work with him .

"It could be very exciting and a lot of fun, but it is very early days - much will depend on how the capital raising goes."

Last week we wrote that Markel Corporation had written to Nigel Rogers giving him 60 days' notice. We now understand he resigned. We wish to apologise to Mr Rogers and Markel for any embarrassment caused.