Former broker Craig Tracey to become co-chair of APPG for Insurance and Financial Services

It follows former chair Heather Wheeler's appointment as an assistant whip in the new Government headed by Theresa May.

Another prominent member of the group, Mark Garnier, was also given the role as Parliamentary Under Secretary of State for Liam Fox's new Department for International Trade.

Tracey will share chairing duties with Lord Hunt of Wirral, the chairman of the British Insurance Brokers' Association and a partner at law firm DAC Beachcroft.

Tracey, former owner of Dunelm Insurance Brokers, was elected Conservative MP for North Warwickshire in 2015. He has since outlined his plans to promote small businesses and backed Brexit telling sister title Insurance Age: "The industry as a whole has said that they favour [of Remaining in the EU] and I can understand that there is a greater degree of certainty in that,"

"It's easier for businesses to work with and it's easier for the government to work with, but that doesn't necessarily mean it's the right approach.

"I can understand why there is that push towards it, but I believe personally that out is the right option. It would free up our businesses from a lot of red tape and bureaucracy and we'd be less beholden to markets which don't really understand us."

Wheeler succeeded Jonathan Evans who stood down at the 2015 General Election and was last month given the Achievement Award at the British Insurance Awards.

She was elected as MP for Derbyshire South in 2010 and served as one of the joint hon secretaries of the group since in the last Parliament. Wheeler spent a decade working as a Lloyd's broker between 1977 and 1987 and is also an Associate of the Chartered Insurance Institute.