Oliver Stocken, non-executive chairman of Oval, has retired after five years in the role, Insurance Times has learned.

Non-executive director Andrew Brown has replaced Stocken as Oval’s non-executive chairman.

The news comes amid a top-level reshuffle at Oval. Executive directors Simon Shaw, Patrick O’Connell and Steven Mitchell will be put in charge of finance, insurance broking and financial services respectively. Fellow executive director Peter Blanc’s area of responsibility has yet to be confirmed.

As revealed by Insurance Times last month, former managing director Jeff Herdman is now Oval’s executive director of operations.

According to sources, Herdman is still playing a key role in the business and the role changeover is not a demotion.

Stocken, a former Lloyd’s name, was appointed Oval’s chairman on 1 October 2006. He has previously served as group finance director of Barclays Ban. He is deputy chairman of 3i and a non-executive director of Standard Chartered Banks and the Natural History Museum.

Brown was named a non-executive director of Oval in May 2007. He has held executive positions with Sterling Guarantee Trust and Sedgwick Group. He is chairman of Numicon Limited and a non-executive director of The Children’s Trust, H & T Group plc and Thames River Capital (UK) Limited.