Allianz Cornhill has lost two members of its City property team to Norwich Union (NU) just months after capturing 13 employees from its rival, Insurance Times has learned.
Simon Martell, who heads up Allianz Cornhill's property owners division, and his deputy Steve Webb, are understood to have handed in their resignation on Tuesday because of a disagreement over the team's restructuring.
An industry source, said: "Allianz wanted to do more property owners business and they have done it big style by ripping a team out of another insurer.
"The only problem is that there was no thought for the people who already work for them." The source added: "But it is a very clever thing for NU to do because they are two quality individuals."
The switch comes after NU seconded a team of experts to its London property owners division to limit the impact of the mass resignation.
Allianz Cornhill and Norwich Union both declined to comment.
