Allied Zurich has strongly denied reports that it is forsaking the London stock market for Zurich because of increased tax charges.

The UK arm of the Swiss based insurer said it is to delist from the headline FTSE 100 index in London by the end of the year, in favour of a primary listing for the whole group on the Swiss Stock Exchange. The UK business will, however, retain a less high profile listing on one of the smaller London indexes.