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(Sharecast News) - Specialty non-life insurance company R&Q announced the appointment of Jeffrey Hayman as its non-executive chairman with immediate effect on Friday.
The AIM-traded firm said the appointment was made based on Hayman's extensive experience in the insurance industry, spanning nearly four decades, including long tenures at Travelers and American International Group (AIG).
It noted that Hayman was a recent board member and committee chair of Zurich Insurance Group.
As part of the reshuffle, William Spiegel would assume the role of group chief executive officer, while current CEO Alan Quilter would exclusively work with the programme management teams in the US and UK-Europe operations, before retiring at the end of December.
"As we announced last year, we started a search for a non-executive chairman in order to have a governance structure that is more aligned with best market practice," said the newly-named group CEO William Spiegel.
"In Jeff Hayman, we have identified an outstanding candidate given his highly relevant experience that includes board roles in the US, Europe and Asia, and executive and leadership roles with AIG and Travelers.
"I am excited to work closely with Jeff and look forward to his contributions to the board."
Spiegel said that as a co-founder, Quilter had been "instrumental" in the growth and success of R&Q over the last 30 years.
"Most recently, he has played an important role in the expansion and development of our leading programme management business.
"On a personal level, I have greatly valued Alan's partnership, collaboration and experience.
"I am delighted he will remain with us for the remainder of 2023, ensuring a smooth transition before his very well-deserved retirement."
At 1454 BST, shares in R&Q Insurance Holdings were up 0.35% at 72.25p.
Reporting by Josh White for Sharecast.com.
