Tom Booth, the group chief financial officer of Randall & Quilter, has stepped down as a director of the run-off and insurance investments specialist and will leave the company later this year.

R&Q, which is headquartered in the FB Perry Building on Church Street, had said last year that Mr Booth was expected to take over as CEO this summer from Ken Randall.

That plan has changed, with Mr Booth set to leave the company on June 30 to pursue other opportunities.

Alan Quilter will take over from Mr Booth as group CFO — a role he has held previously — with immediate effect.

Mr Randall, group chairman as well as CEO, said: “Tom joined the group almost ten years ago, shortly after R&Q listed on the AIM market of the London Stock Exchange. He has made a significant contribution to the development of R&Q’s business and we shall miss his intelligence and energy. I wish him every success in his future career.”

Mark Langridge, CEO of insurance investments at the firm, who has worked at R&Q since 2008, will be joining the group board and will continue in his role overseeing group-wide legacy acquisitions and management, Mr Randall added.

The CEO added that R&Q, which redomesticated to Bermuda from the UK four years ago, was performing well and had a growing pipeline of new business opportunities, both in legacy and insurance programme business.

“The reaction from the re/insurance market to our business initiatives has been extremely positive and momentum has increased as a result of uncertainties around Brexit and wider insurance industry developments,” Mr Randall added.