Walker Rainey has resigned as chief financial officer of XL Europe, part of the Bermuda group XL Capital, which owns Lloyd's managing agents Brockbank and Denham.

Rainey who has been Dublin-based XL Europe's chief finance officer since the company was formed ten years ago is leaving on January 31, 2001, for personal reasons, a company spokesman said. He is to remain with the company as a non-executive director and company secretary.

His replacement is Fiona Muldoon, currently XL Europe vice president, financial controller, who will be promoted to senior vice president as from February 1, 2001.

XL Europe president and chief underwriting officer Dermot O'Donohoe said: “I and the rest of the XL Europe management team will greatly miss Walker Rainey. During the past ten years his contribution to XL Europe has been immense and we will be sorry to see him go.”

XL Europe is a wholly-owned subsidiary of Bermuda company XL Capital which has assets of £16.4bn and includes Brockbank and Denham at Lloyd's.

XL Europe provides insurance worldwide.