Ex-Aviva and Suncorp CEO Patrick Snowball joins Sabre board to help oversee IPO - updated

Snowball, who left the UK in September 2009 to become CEO of then beleaguered Australian bancassurance group Suncorp, was previously the UK general insurance CEO of Aviva and also worked with consolidator Towergate.

According to Companies House he joined Sabre Insurance Company as a director on 31^st July. He is not listed as an approved person on the Financial Conduct Authority website yet, although Post understands that process has begun.

Snowball is also listed as a chairman of Sabre Insurance Group PLC which was incorporated on the 21st September, and named as a “public listed company” on Companies House. The other directors listed are Adam Westwood [CFO], Geoff Carter [as CEO], Ian Clark [independent non-executive director] and Matthew Tooth. Former CEO Angus Ball - who owns 19% of the insurer - is not listed as director of this business. 

A Sabre spokesman confirmed Snowball, pictured, had joined as a director adding: “As a board it is part of the natural process to look for people who have the necessary skill sets to compliment and add to the executive, and Patrick fits that bill.”

Snowball told Post: “I am delighted to be joining the Sabre board; the company is looking at a range of options for its next stage of development and as part of that they have asked me to join the board to add my experience into the mix. It is a company I’ve known ever since I was involved in selling the business.

“They have since done an incredible job and it is clear demonstration of how a niche insurer can be extremely profitable and provide a competitive product in the marketplace.”

A source close to the business added that Snowball’s appointment was not a surprise given his time at Aviva, his experience with the City, as well as running a floated Australian Bancassurance business.

Under Snowball’s stewardship Aviva predecessor company Norwich Union sold Sabre to intermediary group BDML in 2001.

At the time an NU spokeswoman said: “Sabre is a non-comprehensive, separate specialist brand and as such it was concluded that it would not provide best value for our shareholders, staff, customers and brokers.

“It was decided that this would be best served by a sale to a business that has an understanding of the needs of this niche market.”

When it was sold to BDML, on whose panel it sat, Sabre was reported to have 100 000 policyholders, gross written premium of £60m and a net value of around £18m.

Recent reports about its IPO have valued the business at £500m - £600m if it was to float on the London Stock Exchange.

Sabre, which owns brands Insure 2 Drive, Drive Smart and Go Girl, reported pre-tax profits of £65.6m in 2016. It had a combined operating ratio of 69%.

BDML sold its broking arm to Capita in 2005, and rebranded itself Binomial Group. The group then sold a majority stake [72.12%] in Sabre to private equity house BC Partners in 2013.

Snowball has previously been linked with the joint BC Partners - Apollo Management attempt to but the insurance assets of Royal Bank of Scotland, with the bank preferring to list the business as Direct Line Group.

Reports have linked Sabre with an IPO following a number of failed bids for the business including private equity house Warburg Pincus and Centerbridge.

Speaking to Post last year, Snowball said he was not done yet with financial services adding: “There is definitely a next challenge. The way I describe it is that I am looking for somewhere where I can make a meaningful contribution. That is potentially working with private equity, it perhaps chairing a non-public company; it could be an invitation to join an interesting board where I can contribute as a non-executive.

“And I don’t restrict myself to just general insurance. I am one of the few insurance and wealth management companies. I also bought the RAC, so I understand the whole service sector as well. So I am throwing the net very wide, but making sure I don’t jump on the first bus that arrives at the bus stop.”