Bernt Magnusson, chairman of Skandia, has quit following a row with a majority of board members opposed to Old Mutual's £3.4bn (€4.7bn) hostile bid for the Swedish insurer. Lennart Jeansson, who rejected the bid, takes his place.

Last month a majority of Skandia board members rejected the Old Mutual bid, saying it undervalued the firm. However, Magnusson was one of a minority of members in favour of the bid.