- Signs for push-out forces
- After less than two years on the job
- Michael J. McGuire taking over
(exechange) — Pembroke, Bermuda, April 25, 2017 — Adam Szakmary, chief executive of Blue Capital Reinsurance Holdings Ltd., leaves. It is an abrupt change. As announced by Blue Capital Reinsurance Holdings Ltd. in a regulatory filing published on Tuesday, April 25, 2017, Adam G. Szakmary has already left the post as Chief Executive Officer at the insurance company in a surprising move after less than two years on the job, effective April 21, 2017.
No company wants a CEO to flame out in the first years.
Szakmary’s duties are taken over by Michael J. McGuire, currently Chairman of the Board at Blue Capital Reinsurance Holdings Ltd.
No reason given
In the announcement, Blue Capital Reinsurance Holdings Ltd. did not explicitly explain the obviously compelling reason for Szakmary’s sudden move, leaving room for speculation.
Precise information about the future plans of Szakmary was not immediately available.
Generally speaking, it is often an alarm signal for investors when a CEO leaves the position abruptly and without a reasonable explanation.
Blue Capital Reinsurance Holdings Ltd. said: “By letter received on April 21, 2017, Mr. Adam Szakmary, advised Blue Capital Reinsurance Holdings Ltd. (the “Company” or “BCRH”) of his resignation as Chief Executive Officer (“CEO”) and director with immediate effect.”
Chaired by Michael J. McGuire
Blue Capital Reinsurance Holdings Ltd. is chaired by Michael J. McGuire.
Michael J. McGuire was named Chairman of the Board in August 2015. He has served as the Chief Financial Officer of Endurance Specialty Holdings Ltd., the parent company of Blue Capital Management Ltd., and a wholly owned subsidiary of Sompo Holdings, Inc., since January 2006.
On the job as CEO since 2015
Adam Szakmary became a director and was named Chief Executive Officer of both Blue Capital Reinsurance Holdings Ltd. and Blue Capital Management Ltd. in August 2015.
Prior to serving as CEO and Portfolio Manager of Blue Capital Management, Szakmary was an underwriter of the U.S. Property Treaty Portfolio and a Vice President of Risk Management at Montpelier Reinsurance Ltd. (“Montpelier Re”), a wholly-owned subsidiary of Endurance.
Szakmary assisted in the launch of Montpelier at Lloyd’s, now doing business as Endurance at Lloyd’s, where he was the international property class underwriter, and prior to that he underwrote the terrorism portfolio at Montpelier Re.
He has also worked with the U.S. Overseas Private Investment Corporation, and the U.S. Department of Commerce evaluating political risk while researching terrorism.
Szakmary holds a Master’s degree in International Economic Policy from American University, and a double Bachelor’s Degree in Maritime Policy Studies and Political Science with high distinction from the University of Rhode Island.
Signs for push-out forces
It is not completely certain what forces eventually triggered Adam Szakmary’s sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 18.2017 ($).