Wood, who has 30 years’ experience of the insurance industry, joins from Ecclesial Insurance where he was managing director.
He will take the reins from acting chief executive James Watson, who will then revert to his role as sales director.
Scott Egan, Towergate interim chief executive, said: “This appointment is further evidence of the pace at which we are moving forward at Towergate.
“We are continuing to attract talent to the business, which adds to our experienced and capable team.”
Wood started his career at Royal Insurance before leading the MBO of Royal SunAlliance’s healthcare division.
Paymentshield’s last permanent chief executive Gary Duggan quit Towergate for BGL in December.
Wood said: “It is an exciting time to be joining Towergate, and I am delighted to be taking on the Paymentshield role.
“Paymentshield is a great business with lots of potential, and I really look forward to working with the team there to drive the company forward.”