He will be keeping his position as chair of the Association of International Life Offices (AILO).
ITA said it planned to recruit future directors who are based in the Cayman Islands, where the company is headquartered.
“[Pain] has, by mutual agreement, left the employment of ITA SPC after five years’ service; however, he will continue to work with the company in a consultancy role,” the specialist unit linked product provider said in a statement.
Pain said: “It has been a pleasure to be part of ITA SPC over the last five years and I would like to thank the owners, the board and the company for a successful and fulfilling career with them.
“I look forward to advising them going forward and being able to work on other projects, including as the chair of AILO and as a director and trustee of Halton UK, a non-profitmaking charity multi sports centre.”