Snowball insists Cullum and Homer could run listed Towergate

He also insists despite their protestations, both chairman Peter Cullum and chief executive Any Homer could run a listed Towergate.

Speaking to Insurance Age's sister magazine, Professional Broking, Mr Snowball explained his reasons for leaving: “Peter and I had a plan that looked exciting but the difficult financial market and the withdrawal of the Candover [refinancing] deal pushed out the financial reengineering by two to three years.

“By stepping down from the board I wanted my conflict