Budget Insurance Services has undergone a major executive reshuffle under the stewardship of newly appointed group director Matthew Donaldson.

The restructuring follows the departures of product development director Simon Jackson, IT director Steve Webster and group director Franco Cotumaccio.

Stuart Ramsey has been named managing director for Budget Retail, following Donaldson's promotion to the board. Ramsey said: "Our priority in the retail business continues to be profitable growth through ongoing broker acquisitions."

The retail arm of the business has acquired 60,000 policies so far this year. According to Donaldson, that will top 100,000 by the end of the year.

Matthew Gledhill has been appointed managing director for Budget and Dial Direct, the most profitable area within the group.

Will Price and Kal Samra have been named head of product development and director for Bennetts respectively.

Donaldson said: "We are about to announce another record year later this month and I feel extremely confident going forward. Under the new management team I expect to reveal record profits for at least the next three years."