Aviva has amazed shareholders by establishing Igal Mayer, person in charge of its North American department, at the peak of its European venture, substituting Andrea Moneta.

Mayer, who is accredited with turning around the North American department in the previous year, has been selected as chief executive for Europe with instant effect, being one of Aviva's four executive directors. He shall be followed by the chief financial officer of its North American arm, Richard Hoskins.

Moneta, 44, is stepping down from Aviva at the end of February to " follow new confronts in the financial services segment," as per the insurer.

The most recent management restructure at Britain's second biggest insurance company took markets by shock. Mayer was selected to his North American position a year back subsequent to directing up the UK general insurance department ever since mid-2007, and was reinstated by Mark Hodges in Britain.

According to Eamonn Flanagan, a Shore Capital analyst, "people were searching from Aviva was a phase of constancy... This disturbs everything. The fragments are being wriggled in the chessboard once more."