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Archived stories from Nov 2017

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Reinsurance CEO has no reason to resign shock

News that Sir Norbert "Nobby" Johnson is not going to resign as chief executive of Mocha Re sent no shockwaves through the reinsurance world this week. Amid no calls for his resignation, Sir Nobby said he would not be giving up his job as the non-controversial head of the global reinsurance group with immediate effect.

Sir Nob will be spending
more time on the golfcourse
despite not resigning

Sir Nob said that shareholders had not forced him to resign as he had consistently delivered a 15% return on equity and had not issued any profits warnings relating to shock catastrophe losses or mounting legacy losses. Nor had he been driven out following a series of highly unsuccessful acquisitions intended to speed premium growth at an unsustainable level, leading to rating agency downgrades.

Nor was Sir Nobby leaving Mocha Re to pursue other business interests, he told RISKbitz, adding that he was certainly not standing down in order to spend more time with his ghastly wife and ungrateful children. Speculation that Sir Nobby had fallen on his sword as a result of several missed SEC filing deadlines and re-stated annual results figures was also quashed. "We have never missed a 10K or 10Q deadline," said Sir Nobby. "So that's another reason not to resign."

Several industry insiders have suggested that Sir Nobby may have forced himself to resign over an impending back-dated share options scandal. But Mocha Re's CEO, said that an investigation conducted by Mocha Re's audit committee had not found any incorrect measurement dates for stock option grants. Indeed, stock options had never been used by Mocha Re as a compensation incentive. So no luck there, Sir Nob said.

Rumours have also circulated that Sir Nob may have been associated with side letters to a finite risk transaction that could have been used to artificially boost income at an unnamed primary insurer. But Sir Nobby said that neither the SEC nor any attorneys general were currently investigating him or Mocha Re.

?"I don't know why I'm not resigning, when everyone else is" Sir Norbert admitted to RISKbitz. "It just doesn't seem like the right thing to do."


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