One of the most famous top-lip towels in insurance is soon to be lost to the industry when Andrew Torrance, chief executive of Allianz Cornhill, shaves off his pride and joy for charity.

But what value would one put on a defining feature of the Allianz Cornhill management team? It seems an internal email circulated said that if staff could raise over £3,000 for Children in Need and Macmillan Cancer Relief, Torrance would strip his lip. Not surprisingly over 500 emails came back within hours. Backchat refuses to speculate whether this represents charitable spirit, employee loyalty or a fashion statement by staff.

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