Guy Hengesbaugh, chief operating officer, of PXRE has handed in his notice at the reinsurer.
Hengesbaugh, who joined the company in 2002, will miss out on a potential bonus of $212,750 as a result of his decision, according to reports.
Only last month, PXRE had detailed a retention bonus scheme for key executives, under which Hengesbaugh would have received the payment if he had stayed at the company until the end of the year.
The announcement follows the news last week that PXRE requested the withdrawal of its financial strength and issuer credit ratings by the major agencies.
Last month PXRE revealed that a third of its clients had cancelled contracts on 1/1 in-force business as of 13 March 2006. In a 16 March SEC filing the reinsurer said it expects the percentage, 33% of clients by premium, will continue to rise.
