A top life reinsurance executive is leaving Max Re Capital Ltd.[@@]

Philip Kruse, 56, president of Max Re’s life and annuity unit, is retiring to spend more time with his family, according to Max Re, Hamilton, Bermuda.

Kruse was a founding member of Max Re and helped start the company’s life and annuity business.

Max Re’s life business reported a $9.1 million net loss for the first quarter on $143 million in revenue.