Bermuda-based Quanta Capital Holdings Ltd. , which provides specialty insurance, specialty reinsurance, and risk assessment and consulting services through its subsidiaries, reported that Wallace L. Timmeny, 68, is retiring from service on Quanta’s Board of Directors and committees, effective Dec. 31, 2005.
“Wally has been an exceptional and active Board member since our initial capitalization two years ago and I truly feel privileged to have worked with him closely,” stated Chairman, James J. Ritchie. “With our recent capital raise and the affirmation of our ‘A-‘ (Excellent) rating by A.M. Best [See IJ Web site Dec.27] now behind us, he has decided to retire from our Board.”
He added that the company is currently conducting “an active search for Board members” and expects to “fill our open positions prior to our annual general meeting in 2006.”
Quanta also said it has “notified NASDAQ regarding the company’s status of non-compliance with the requirement under Marketplace Rule 4350 (d)(2)(A) that the Audit Committee be comprised of three independent directors which, with Mr. Timmeny’s resignation, now has two independent members.”
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