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(Alliance News) - Direct Line Insurance Group PLC on Wednesday said it has appointed former Aviva PLC UK boss Adam Winslow as its new chief executive officer, succeeding interim CEO Jon Greenwood.
The Bromley, England-based motor and home insurer said Greenwood will work with Winslow when he picks up the role, to ensure a smooth handover and transition.
Greenwood will remain acting CEO until Winslow joins in the first quarter of 2024. The firm said Greenwood plans to step back from his executive career.
Winslow has led Aviva's UK & Ireland general insurance business since 2021, where Direct Line said he has developed a "clear strategy for both personal and commercial lines which has delivered market share expansion and improved profitability".
Prior to his position at Avivia, Winslow was CEO of Global Life at AIG Life & Retirement.
Chair Danuta Gray said: "The board conducted an extensive search and Adam Winslow stood out for his strategic understanding of the sector, outstanding track record of leading high-performing businesses and his focus on driving operational excellence to consistently meet customer needs.
"The board and I look forward to working with Adam in providing high-quality insurance to our customers through our platform of powerful brands and targeting attractive and sustainable returns for shareholders."
Direct Line shares rose 2.0% to 163.90 pence each on Wednesday morning in London.
Penny James stepped down suddenly as Direct Line CEO in January, after Direct Line said wouldn't pay a final dividend for 2022 due to a big increase in weather-related claims that pushed it into a loss on underwriting. Chief Commercial Officer Greenwood was appointed as acting CEO.
By Harvey Dorset, Alliance News reporter
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