Primary General chairman Jonathan Davey quits

In a statement posted on its website Primary General said: "The Board of PBS Holdings Limited and Jonathan Davey wish to jointly announce that with immediate effect Jonathan has stepped down from the board and those of its subsidiary companies."

Commenting on the decision Jonathan Davey said: “Having taken the business from its inception to its current substantial size, becoming one of the UK’s most respected and established underwriting companies in the process, I felt that it was time for a new challenge. I am considering other opportunities which include alternative positions within Primary Group. I am very much looking forward to the future.”

The Primary General statement continued: "Philip James, group chief executive of Primary

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