Board changes and appointment of new chief executive.HAMILTON, Bermuda--(BUSINESS WIRE)--Dec. 27, 1995--Sphere Drake Holdings Limited (NYSE NYSE See: New York Stock Exchange :SD) today announced the appointment of Michael C. Watson and Paul G. Philo as directors. Michael Watson For the Scottish politician, see Mike Watson Michael Watson (born March 15, 1965) is a former boxer from England. During his fighting days he had the reputation as the nice guy of British boxing, the people's choice who kept to himself (which contrasted sharply with joined Sphere Drake as chief financial officer in January 1995 and will succeed Ian H. Dean as president and chief executive officer in the New Year. He was formerly senior vice-president and chief financial officer of the International Division of The Prudential Insurance Company of America. Paul Philo joined Sphere Drake in 1976 and is currently vice-president and chief underwriting officer. He will become executive vice-president of the company and will, in addition, become chairman of the group's two insurance companies, Sphere Drake Insurance plc and Sphere Drake Insurance (Bermuda) Limited. These appointments are subject to regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. . Ian Dean Ian Dean best known as Doc Dean is a retired professional wrestler, born July 3 1970 in Liverpool, England. Dean currently has a son, Adam, to British female wrestler, Klondyke Kate. Career Dean made his debut at the age of 14 in 1984 for All Star Promotions. resigns from the Board and intends, for personal reasons, to live abroad. Ian led the management team which acquired the Sphere Drake Insurance Group in 1987. This was followed by an initial public offering in September 1993. Michael Stoddart, chairman of Sphere Drake Holdings Limited, commented "Ian Dean has made a major contribution to the establishment and development of the group and we wish him well. At the same time, we are delighted to welcome Michael Watson and Paul Philo to the board. Michael has spent this year familiarizing fa·mil·iar·ize tr.v. fa·mil·iar·ized, fa·mil·iar·iz·ing, fa·mil·iar·iz·es 1. To make known, recognized, or familiar. 2. To make acquainted with. himself with our operations and strengthening our organizations in the UK and Bermuda. Paul Philo has been a key member of our management group for a number of years and in his wider role will form, with Michael, a team focused on meeting the needs of the insurance market in the second half of the 1990s." Sphere Drake Holdings Limited underwrites specialty lines of international property and casualty insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. through its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. in London and Bermuda. The company's business consists of a wide range of marine and aviation and non-marine insurance and reinsurance risks worldwide, and alternative risk transfer (ART) business, with an emphasis on US-based clients. CONTACT: Sphere Drake Holdings Ltd. Michael C. Stoddart (011 44) 171 831 6464 or S.E. Magnus H. Lindgren (011 44) 171 480 7340 (011 44) 171 702 1514 or Brunswick PR Ltd. Lucas van Praag (011 44) 171 404 5959 |
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