Daily briefing: Monday

The moment has finally come: Peter Cullum has stood down from the helm of Towergate. We predicted that Alastair Lyons would take the chair at the consolidator back in February and, sure enough, today it was announced that he had. Cullum is now non-executive deputy chairman – again, as predicted by Insurance Times.

Cullum and Towergate chief executive Andy Homer have been preparing for this moment for a long time. They have made no secret of their plans to distance themselves from the day-to-day management of the company as it moves towards flotation. The appointment of Lyons, chair of listed insurer Admiral, to steer the broker through an IPO will likely be well received by the markets – Admiral is one of the biggest success stories in the sector right now.

Meanwhile, the ramifications of Amanda Blanc’s decision to move to AXA last year continue to be felt as the search for Homer’s replacement goes on. As non-executive chairman, Lyons' role will differ to Cullum’s in that he is unlikely to be the public face of the business. Whoever replaces Homer will take up that baton and thus will be absolutely crucial to the company's success or otherwise.

And what of Cullum? He is unlikely to disappear to sunny climes just yet. He remains the largest individual shareholder in Towergate, and will look to safeguard his investment, as well as the successful evolution of the company he founded. He has already shifted much of his focus to CCV and PowerPlace, the two areas he sees as most ripe for development. This is likely to continue, and his involvement here at least will stay active.

Hours later, Lloyd's followed suit and unveiled its new chairman. Current Hammerson chairman John Nelson will take over from Lord Levene in October.

In other news, we reveal today that professional indemnity insurers have been called on to pay 38m in claims for the solicitors’ assigned risks pool. The development will provoke outrage among insurers and is likely to further diminish capacity in this struggling market.