Julian Winfield to depart Towergate division

Paymentshield chief financial officer Julian Winfield has resigned from the company, Insurance Times has learned.

Winfield has worked at the Towergate division for four years and is understood to be working his notice period while a replacement is sought.

Paymentshield has the highest profit margin of all Towergate divisions. It made £40m in earnings before interest, tax, depreciation and amortisation (EBITDA) in the nine months to 30 September 2013 on £51.6m turnover, giving it a 77% EBITDA margin.

Towergate made £118.1m EBITDA  at group level.

Winfield is the second Paymentshield director to leave to explore other opportunities within eight months. Chief operating officer Paul Jarman stepped down in July.

Paymentshield sells mortgage payment protection, income protection, buildings and contents insurance, and landlord insurance via mortgage brokers and direct.