Glencairn ex-chairman Andrew Wallas became the fervid subject matter of the Leadenhall Market Debating Society last week. Wallas, who resigned from the Lloyd's reinsurance broker at the beginning of the year, was implicated in some salacious gossip about FSA arrow visits.

All of it untrue, according to sources close to the company. It seems Wallas decided after a period of long service at the broker to enjoy "an easy life" for a while.

Wallas may return as a non-executive as some stage, said the source.