Lloyd's insurer, Liberty Syndicates, has lost two senior managers with the surprise departure of Sean Dalton and Andrew Elliott.
Dalton, who was managing director, and Elliott, formerly managing underwriter responsible for business operations, reinsurance and insurance risk management, left the company earlier this week.
There are suggestions in the market that the pair had left Liberty to take up new roles elsewhere.
Brian FitzGerald, chairman of Liberty Syndicates, told Insurance Times: "We are very sorry that they left, but the business goes forward."
FitzGerald said he would continue as chairman and chief executive, with Tom Corfield continuing in his role as active underwriter and John Dunn remaining as finance director.
Liberty Syndicates, the fourth largest managing agent in Lloyd's, suffered "unprecedented losses" during the 2005 hurricane season, with pre tax losses of £407m sustained by Syndicate 4472's reinsurance and property accounts.
The syndicate, which increased its capacity by 27% in 2006 to £912m, specialises in reinsurance, personal accident, war and terrorism and liability insurance.