Pexton leaves Heritage

Richard Pexton, the chief executive of Heritage, has resigned eight months after the Lloyd’s insurer was acquired by Argo Group. Pexton will be temporarily replaced by Nick Denniston, chief financial officer.

Wallace moves to QBE

Chris Wallace has been appointed head of UK development at QBE. His previous roles include reviewing and rebuilding the commercial small and medium-sized enterprise proposition for Marsh and running the global risk managed development team at RSA.

XL Re gets brazil go-ahead

XL Re, the reinsurance operation of XL Capital, has received regulatory approval to serve the Brazilian insurance market as a local reinsurer incorporated in Brazil and regulated by the Brazilian authorities.

UK’s £255bn gap in cover

Britons under-insure the contents of their homes by more than £255bn, a survey by AXA found this week. The insurer said this could leave millions of people struggling to replace their belongings in the event of disaster and at risk of invalidating their policies.