Platinum Announce New CFO: Allan Decleir
Platinum Underwriters Holdings Ltd. announced that Allan C. Decleir has been named Executive Vice President and Chief Financial Officer, effective June 1, 2010, subject to the approval of the Bermuda Department of Immigration.
Mr. Decleir will succeed James A. Krantz, who will be retiring from Platinum on August 10, 2010.
Mr. Decleir, 45, joined Platinum in 2003 and has served as Senior Vice President and Chief Financial Officer of Platinum’s wholly owned subsidiary, Platinum Underwriters Bermuda, Ltd., since 2005. He is a Chartered Accountant and previously served as Chief Financial Officer of Stockton Reinsurance Limited, a Bermuda reinsurance company. Mr. Decleir began his career working in public accounting at Ernst & Young in 1988.
Michael D. Price, President and CEO of Platinum said:
I am pleased to announce Allan’s promotion to Chief Financial Officer. We are fortunate to have a strong internal CFO successor in Allan, who has served as Chief Financial Officer of our Bermuda reinsurance subsidiary for the last five years.
I would also like to thank Jim Krantz for his dedicated service to Platinum over the last seven years and wish him well in his retirement.
Platinum also announced that its Board of Directors has approved an increase in the authorized amount of Platinum’s existing share repurchase program to a total of up to $250 million of its common shares.
This represents an increase of approximately $47 million from the approximately $203 million remaining in the program. Repurchases under the program may be made in open market or privately negotiated transactions or otherwise, from time to time, depending on market conditions.
On April 21st, Platinum reported net income of $15.4 million for the quarter ended March 31, 2010.
In addition, Platinum announced that its Board of Directors has declared a quarterly dividend of $0.08 per common share. The dividend is payable on June 30, 2010 to shareholders of record on June 1, 2010.
