Euclidian's contingency underwriters Penny Clay and James Howland-Jackson have both quit after it announced it was changing its underwriting structure.

Clay and Howland-Jackson, son of Aon director Anthony Howland-Jackson, handled a £7m book for Euclidian and managing director James Truscott said he would be sorry to see them leave.

Both left after Euclidian announced a massive change to its underwriting structure. Subject to Lloyd's approval, the group expects to increase capacity from £86m this year to £140m next year.

The contingency team will now form part Euclidian's international property division. Fine art, cargo and specie will now become part of Euclidian's marine division.

Truscott said: “Our new underwriting structure will enable us to exploit the most promising of the markets we operate in and further increase premium income.”