Max Re Capital's founder and chief executive officer, Robert Cooney, resigned last week in the wake of the reopening of an investigation into possible accounting wrongdoing stemming from at least two finite-risk retrocession contracts.
W. Marston Becker will take over as chairman and acting chief executive, the company announced. Mr. Becker has served as a director of Max Re Capital Ltd. and Max Re Ltd. since April 2004.
The exit of Mr. Cooney–who "will be available on a consulting basis to the company until Dec. 31, 2006, Max Re noted–follows those of other insurance industry leaders, such as Renaissance Re's James Stanard and American International Group's Maurice Greenberg, who were prompted to give up control of the companies they nurtured from infancy in the new era of increased regulatory scrutiny.
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