Directors have stepped down as part of ‘streamlining’ at broker.
Giles Insurance Brokers has confirmed that Michael Quinn and Leo Gibbons have now left the business.
Last month, Insurance Times revealed that Quinn, former managing director at Giles, was set to leave next year. He was due to remain at the company in a consultancy capacity until next September.
But Quinn and Gibbons have left with immediate effect, the broker said.
In September, Andrew Watson was appointed trading and placement director to replace Quinn.
It is not known whether Quinn has a new position.
Gibbons, who was appointed distribution director at Giles in January, has joined consultancy firm TPD Associates.
A Giles spokeswoman said the departures were part of “streamlining” to ensure that the best people were on the job.
“Neither Michael nor Leo were part of the management team following the investment from Charterhouse. Giles has in place a strong management team to take the business forward,” she said.
Derek Gardner, former finance director at Giles, also stepped down following the deal in which Charterhouse, a private equity house, acquired a majority stake in the broker.
Gardner was replaced in July by Paul Matson, a former finance director of Coral Bookmakers. Mark Chambers, the current finance director of Coral Bookmakers, was appointed deputy finance director.
Insurance Times revealed last week how Charterhouse attempted to merge Giles and Oval.
However, sources close to Giles said the approach would have been made by the Giles management team, not the private equity house.
Phillip Hodson, group chief executive at Oval, rejected the deal. Under the proposal, he said, the company would have been reversed in to Giles, and the enlarged firm rebranded as Oval. He added that Oval has no plans to sell.
The Giles management structure
Chris Giles, chief executive, above
Paul Matson, finance director
Hazel McIntyre, M&A director
Sarah Lyons, operations director
Andrew Watson, trading and placement director
Sean Finnegan, senior regional managing director