Market Moves: February 2018

Stuart Vann

Esure CEO Stuart Vann has stepped down with immediate effect.

Vann leaves after almost six years in the job and 17 years at the company, citing a need for new leadership. A successor for Vann has not yet been found.

Esure said Vann was leaving “by mutual consent” and in order to help the company “evolve its long-term strategy”.

The group’s chief financial officer Darren Ogden will become interim CEO backed up by chairman Peter Wood.

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. We wish him all the best for the future. Looking to the future, the process of selecting a new CEO is under way.”

Vann added: “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.”

Gareth Howell and Jon Walker

The managing directors of Axa Direct and Axa Commercial Intermediary, Gareth Howell and Jon Walker, have been promoted to the Axa board.

As part of this restructure Brendan McCafferty, pictured, has left Axa with immediate effect, 11 months into his tenure as CEO for intermediated and direct.

The insurer cited a “move to simplify the management structure” of its UK insurance business to improve operational focus within the business. In addition, claims director Chris Voller is set to retire in March.

Amanda Blanc, group CEO of Axa UK & Ireland, said: “As Axa grows in size and complexity, it is vital that we do not lose sight of why we are here, to deliver the protection and advice that our customers require.

“Brendan came in at a tough time with several unexpected issues hitting the insurance industry almost simultaneously but he and the team managed them effectively. He leaves the business in good shape having weathered the storms of 2017.

“I want to thank him sincerely for all his hard work and for the incredibly professional manner in which he has accepted the circumstances of his departure.”

Ian Donaldson

Ian Donaldson, pictured, has been appointed CEO of Carole Nash, subject to the usual regulatory approval, in addition to his leadership of Autonet. This follows the annoucement David Newman is to step down as CEO at the end of March after its acquisition by The Ardonagh Group.

Newman said: “Now is absolutely the right time for me to move onto the next phase of my life and career. I have had a wonderful decade at Carole Nash and continue to enjoy a fantastic relationship with the management of The Ardonagh Group.

“I wish everyone connected with the company all the success in the world. I will be their biggest cheerleader from the sidelines.”

Donaldson added: “David has been impeccable in his honesty and professionalism and has supported Janice and I in a timetable and handover which has ensured a straightforward transition.”

Lucy Clarke

JLT has appointed Lucy Clarke as CEO of its worldwide broking arm, as part of a restructure of the business.

The newly-created role of global CEO of JLT Specialty, will see Clarke take responsibility for all the group’s business except reinsurance broking and employee benefits.

The company said the appointment reflects the “increasing scale and importance” of its specialty business, which contributed £765m to group revenues in 2016.

Clarke said: “We are united in our determination to ensure that our clients are getting the very best from JLT, and the new structure is a reflection of that commitment.”

Previously, Clarke was deputy CEO of JLT Specialty. In her new role she will report directly to group CEO Dominic Burke.

Burke said: “Lucy is recognised throughout JLT, among our clients and in the worldwide specialty insurance marketplace as unequalled in her commitment to clients’ interests and to the people who work at JLT.”