Direct Line weighs raid on Aviva’s Winslow in hunt for subsequent chief

Direct Line Group, the struggling motor insurer, has approached one of many essential senior executives at rival Aviva to grow to be its new boss.

Sky Information has learnt that the FTSE-250 group, whose producers embrace Churchill and Inexperienced Flag, has been holding talks with Adam Winslow about taking over as its CEO.

This weekend, insurance coverage protection commerce sources said it was not however clear whether or not or not Mr Winslow would take the perform.

It was moreover unclear whether or not or not totally different candidates remained in talks with Direct Line.

Direct Line has been looking for a model new chief since January, when Penny James stepped down inside the wake of a string of income warnings and a name to axe its dividend.

The agency appointed Jon Greenwood, its chief industrial officer, as her interim successor.

Mr Winslow has been with Aviva for decrease than three years, having joined as CEO of its worldwide operations in January 2021.

He was then appointed to steer its fundamental insurance coverage protection enterprise inside the UK and Eire 4 months later.

His career has moreover included stints at AIG and Allianz, two huge insurance coverage protection multinationals.

Mr Winslow now sits on the board of the Affiliation of British Insurers, the precept commerce commerce affiliation.

The look for Ms James’s successor began seven months previously when she was efficiently compelled out as Direct Line’s CEO amid rising shareholder unrest.

Danuta Grey, its chair, has been predominant the hunt for a eternal different.

The UK fundamental insurance coverage protection market has been hit by inflationary pressures, although Direct Line has carried out poorly by comparability with a number of its rivals.

In Might, the company warned as soon as extra that the value of repairing cars and of second-hand autos was liable to hit earnings this yr, with insurance coverage protection premiums failing to take care of tempo with these payments.

The next month, it was ordered by the Monetary Conduct Authority to guage 5 years of insurance coverage protection claims after acknowledging that it had underpaid some policy-holders on written-off cars.

Extra broadly, the Metropolis regulator has been scrutinising insurance coverage protection commerce practices additional fastidiously in present months amid concerns about corporations’ treatment of customers.

Direct Line’s shares have fallen by just a few quarter over the previous 12 months, and the company now has a market capitalisation of merely over £2bn.

It has been listed on the London Inventory Change since 2012, when former proprietor Royal Financial institution of Scotland – now NatWest Group – was compelled to divest it beneath the phrases of its financial catastrophe bailout package deal deal.

For lots of the interval since then, it was run by Paul Geddes, a extraordinarily regarded businessman who was simply recently appointed chief govt of the wealth administration group Evelyn.

Direct Line is scheduled to report its half-year outcomes on September 7.

On Saturday, Direct Line and Aviva every declined to comment.


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