The chief executive of troubled insurer GoshawK Chris Fagan resigned this week.

His is the second head to roll at GoshawK, which was forced out of the Lloyd's market after running up huge losses on its legal expense and viatical books.

Chairman David Hooker announced his resignation in September. He was replaced by Paul Spencer, formerly of Royal & SunAlliance, who becomes part-time executive chairman.

GoshawK will now focus entirely on its Bermuda-based reinsurance operations.
Spencer said the company would keep a "minimal head office team" in London.
Andrew Gammell, the group's underwriting director, followed Fagan in stepping down from the board, but will stay on to help run-off GoshawK's failed Syndicate 102.

Russell Brooke, chief executive and chief underwriting officer of GoshawK Re, the group's Bermuda business, steps up to the board.

Finance director Andrew Castell will manage the company's London operations.