Mr Gammell's settlement has yet to be decided.The management has been under pressure from shareholders following two profits warnings, a £31m interim loss and a 73 per cent fall in its share price in the past year. Goshawk's underwriting director, Andrew Gammell, said he will leave at the end of the year.Both would be entitled to payouts of about £1m each, but Mr Fagan has said he will forgo some of his entitlement. It has endured months of heavy losses, as the insurer of the Columbia space shuttle that crashed in February, and to customers of the personal injury company, The Accident Group, which went into administration this summer.Chris Fagan has resigned with immediate effect because "there is no longer a significant role for him in the group". The chief executive and underwriting director of Goshawk Insurance both resigned yesterday after the insurer was forced to close in London because of fears it is under-reserved. Their jobs became untenable after Lloyd's of London stepped in to order the closure of Goshawk's syndicate 102.
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"Britannic still has its fingers crossed on the equity markets staying up," Roman Cizdyn, an analyst at Commerzbank, said yesterday.. It is left with its asset management arm, which is the only part of the group open to new business.Britannic has been hit hard by the decline in the equity markets, and drew close to breaching its solvency limits. Thanks to a recent pick-up in the markets, Britannic said in September that it would be able to resume dividend and bonus payments. The company has already closed its life insurance division this year to stem the drain on its finances of writing new business. It has also recently sold its Britannic Money mortgage arm to Paragon for £19m, after spending more than £140m on acquiring the business.
Britannic would have been looking to secure about £70m for the division.BRS, based in Redhill, Surrey, had been improving, and Britannic yesterday said it had moved into profitability ahead of schedule with a six-month operating profit of £4m, compared with a full-year loss of £7m in 2002. The Britannic Group, the troubled insurer that had to scrap interim dividends and bonuses this year, yesterday shut down another part of its business to conserve capital. Amvescap attempted to shore up its reputation yesterday by issuing a denial that Eliot Spitzer, New York's high-profile investigator of Wall Street murky practices, had threatened legal proceedings against the giant Anglo-American fund manager. At the bail hearing, they will present an "abuse of process application" to have the whole case thrown out of court.In September, Mr Nadir had declared he was ready to come back to the UK as soon as an agreement with the Serious Fraud Office was reached to minimise the time he spends behind bars ahead of any trial.