The rise of Resolution's share price following the surprise departure of its chief executive is hard to reconcile with the clues it leaves about where the insurer is heading.

The natural assumption yesterday was that Paul Thompson had fallen out with Resolution's founder and chairman, Clive Cowdery. There had long been a suspicion that the pair did not get on. Mr Thompson may have "agreed" to leave but it was clearly the board's idea he should go: if you want the chief executive to continue running the business, you do not pay him a golden goodbye worth £5m.