Lloyd's has denied rumours that the resignation of finance director Bob Hewes this week

followed a bust-up with chief executive Nick Prettejohn.

Lloyd's issued a statement that read: "Hewes' contributions to Lloyd's over the last 12 years are very much appreciated, particularly his work on Reconstruction and Renewal for which he was awarded a Lloyd's Silver Medal in 1996. Bob leaves Lloyd's with our thanks and good wishes for the future. An announcement about a replacement will be made at a later date."

But Insurance Times received a tip-off last week of that a row with Prettejohn had prompted Hewes' resignation. The source said: "Hewes is not leaving quietly. There was a big fall out with Nick Prettejohn."

It was said there was conflict because of Prettejohn's management approach. Before joining Lloyd's he was a management consultant, which was at odds with Hewes who has been a Lloyd's man for 12 years.

But Lloyd's denied any rift. "Under absolutely no circumstances is there any rift between the two. Hewes is going off to do his own thing but he's going to be here for a few months," a spokesman said.

Hewes joined Lloyd's in November 1988 to head regulatory services and was appointed finance director in November 1994.