Old Mutual topped the FTSE leaderboard on Wednesday as the index reversed heavy early losses.
The insurer advanced 4.4p, or 3.9%, to 117.2p after announcing a major shake-up of its management team.
Following yesterday's 2.6% loss after ratings agency Standard & Poor's (S&P's) downgraded Greece's debt to ‘junk' status, the FTSE plunged a further 1%, or 50 points, earlier today. It has since climbed back to 5,600, down just 2.6 points.
Skandia UK chief executive Nick Poyntz-Wright is stepping down from the role to be replaced by former Bankhall CEO and current Skandia UK chief development officer Peter Mann.
Elsewhere, shares in BP and Royal Dutch Shell were up after both energy firms announced a set of bumper profits in the first quarter of 2010, thanks to higher oil prices.
Global shares tumbled Tuesday after credit ratings agency S&P downgraded Greece's long and short-term sovereign credit ratings to BB+ and B respectively, from BBB+ and A-2. Greek regulators have since announced a ban on short-selling on Greece's stock market.
The moves hit US and European markets yesterday; in London, the FTSE posted its largest one-day fall in five months while, on Wall Street, the Dow Jones closed down 213 points, or 1.9%, at 10,991.99.
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards