CCV chief executive Tim Johnson leaves to boss Paymentshield, Stuart Pender now non-executive chairman

CCV chief executive Tim Johnson has left the company to become boss of Paymentshield.

Johnson will replace current CCV chief executive Stuart Pender, who moves to non-executive chairman.

Clive Nathan, chief executive Towergate Underwriting, has been rumoured to replace Johnson but no official decision has yet been made.

Andy Halstead, formerly chief executive of Erinaceous Insurance Services, has been appointed as sales and marketing director of Paymentshield.

A statement from Towergate, said: "The board now believes that in order to sustain this level of growth it must now look towards a broader product set and extend its UK distribution footprint to complement its core market of mortgage intermediaries."

Towergate executive chairman Peter Cullum: “Paymentshield has a very impressive growth track record over recent years. The development of new products and new distribution will be integral to sustaining the historic growth levels, especially in the current market environment. These latest appointments will further strengthen the team to allow the business to continue to expand over the next three to five years.”

Pender said: “Tim brings with him a wealth of management experience in the industry, including experience of the broader commercial general Insurance market and of acquiring businesses both of which will be key in terms of supporting our future plans. Andy Halstead brings with him significant experience in a new market for Paymentshield, the UK’s letting market, together with significant distribution experience and I am delighted to welcome them both to the Board.”