Goshawk makes progress on its Bermuda reinsurer

LONDON - Goshawk�s planned Bermuda-based reinsurer has been granted a Class 4 licence by the island�s regulatory authorities. An extraordinary general meeting of the group�s shareholders heard that for 2002 Goshawk expects 40% of its premium income to come from the Bermudian operations with the balance coming from its Lloyd�s unit. At the same time Goshawk revealed shareholders had applied for 26.68m of the 103.4m new shares offered by the group. From January 1, chief executive Andrew Gammell will also take on the responsibilities of group underwriting director. Meanwhile in addition to his role as finance director Chris Fagan also becomes chief operating officer.