Surprise as Ockham chief quits

LORD POOLE, long-standing chief executive of Lloyd's motor insurer Ockham Holdings, has resigned. Poole, 57, a Conservative Party donor and former head of corporate finance at James Capel, gave no reason for his sudden departure.

However, Ockham's shares languished close to an all-time low as the company faced scores of 'no-win no-fee' legal cases for personal injury from accident-chasing law firms.

Ockham is also in the hazardous business of providing specialist motor insurance for motorists who are crash-happy and younger 'boy racers'.

A series of Government measures, such as the National Health Service charging for road accident victims, increased potential payouts and threatened costly litigation.

Today, the group said it was seeking a successor to Poole as well as some non-executive directors for the board. Meanwhile, chairman Allen Thomas will head a management committee for day-to-day running of the group.

Earlier this month, Ockham raised £25m via a placing and 17-for-30 open offer at 34 1/2p a share to provide additional capital for its core Highway motor insurance business. The group said it expects to report pre-tax profits of £10m for 2001.

The shares ended up 3p at 34 1/2p.