Independent Insurance Group chief executive Michael Bright was £228,000 richer on Tuesday as shares in his company rose more than 15p buoyed by investor buying.
Trading in Independent shares hit a 52-week high of 387p, a 15.5p increase on its opening price on Monday.
Independent's share price began to rocket after 33,801 shares were traded at 10.30am on Monday. By Tuesday afternoon more than 400,000 shares had changed hands.
The upward movement appeared to have been triggered by a stampede among small investors.
This seemed to be confirmed by a check on Independent's major investors, whose shareholdings appeared to remain constant.
Michael Bright, who owns 6.18% of Independent shares, saw his paper fortune increase by £228,000 to more than £57m.
Other major shareholders include CGNU with 4.69%, and Standard Life with 3.99%.
Insurance market analyst Trevor May of Salomon Smith said Independent's shares have recently performed strongly, boosted by positive opinions about it securing renewal business in the London market.
However, he added that the 400,000 shares traded represented a relatively small volume – comprising 0.17% of Independent's total shares.
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