Towergate Insurance has announced the appointment of Steve Wood as chief executive officer (CEO) of Paymentshield.

Wood will start his role on 16 March 2015 and will join the Towergate executive team. James Watson, currently acting CEO, will revert to his role as sales director.

Wood has worked in the insurance industry for over 30 years, including a range of senior executive roles. Before joining Towergate he was UK managing director at Ecclesiastical Insurance Group, where he spent eight years.

Prior to Ecclesiastical, Wood led the MBO of Royal SunAlliance’s healthcare division. He started his career at Royal Insurance.

Scott Egan, Interim CEO of Towergate, said: “This appointment is further evidence of the pace at which we are moving forward at Towergate. We are continuing to attract talent to the business, which adds to our experienced and capable team.”

Wood said: “It is an exciting time to be joining Towergate, and I am delighted to be taking on the Paymentshield role. Paymentshield is a great business with lots of potential, and I really look forward to working with the team there to drive the company forward.”