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John Deuss lays off staff at Transglobal Insurance after disappointing results

Transglobal Insurance (Holdings), which is owned by Bermuda-based oil magnate John Deuss, is changing its senior management, cutting back expenses and altering its marketing focus in the wake of disappointing results in its first 18 months in business.Transglobal president Lionel ‘Kip' Herring is being laid off shortly and the company's controller, Beau Franklin, left recently to join another firm in Bermuda.