Third-time lucky for Spencer-Arscott

After two previous attempts at heading a Bermuda reinsurer ended in fiasco, Robin Spencer-Arscott has been appointed President of a new firm sponsored by XL Capital Ltd.Cyrus Reinsurance Limited and its parent, Cyrus Reinsurance Holdings Limited, were formed on October 28, 2005 with initial capital of $525 million. The group also has an affiliate in the Cayman Islands called Cyrus Reinsurance Holdings SPC, which is a segregated portfolio company.