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Sunday 23 September 2018

Esure hunts for new chief executive as Stuart Vann leaves

The insurer said it would end his tenure with immediate effect.

Cars on a motorway, as insurer esure announces hunt for new CEO (PA)
Cars on a motorway, as insurer esure announces hunt for new CEO (PA)

By Ben Woods, Press Association Chief City Correspondent

Insurer esure has called time on boss Stuart Vann, triggering a search for a new chief executive.

The group said it would end his tenure with immediate effect and recruit a chief executive fit for an “increasingly digital and data-driven world”.

The move will see chief finance officer Darren Ogden become interim chief executive until a permanent replacement is found.

Mr Vann said: “After 17 years at esure, I feel now is the right moment to move on.

“I have enjoyed my time with the business immensely and am proud of all that we have achieved.

“Now is the right time to pass the baton on to someone else to take the business to the next level.”

Mr Vann, who joined the company in 2000 before being promoted to chief executive in 2012, helped grow in-force policies to 2.4 million and gross written premiums to more than £800 million.

Esure said its next boss would have “significant expertise and experience” across a range of customer-facing businesses.

Chairman Sir Peter Wood said: “On behalf of the board, I’d like to thank Stuart for his immense contribution to esure.

“Under his direction, the company has introduced a successful footprint expansion programme and the business remains on track to deliver three million in-force policies by 2020.

“Looking to the future, the process of selecting a new CEO is under way.”

In a trading update alongside the announcement, esure said gross written premiums were up 25% to £820 million in 2017, with in-force policies lifting 9% to 2.4 million year on year.

It said pre-tax profits would come in between £95 million and £98 million for 2017, up from £72.7 million in 2016.

Shares were up 0.5% in morning trading on the London Stock Exchange, as the firm said trading was in line with expectations.

Press Association

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