Admiral Group has revealed Cristina Nestares’s decision to step down from her role as UK insurance chief executive. Alistair Hargreaves (pictured), having served as deputy CEO of UK insurance since 2022, has been tapped to step up.
Nestares, who began her journey with Admiral in 2005 by setting up the company’s operations in Spain, has led the UK Insurance unit since 2016. During her tenure, she successfully guided the business through the COVID-19 pandemic and the last insurance cycle.
The FTSE100 insurer noted: “Cristina has decided that, for her and her family, now is the right time to leave to be able to spend more time in her native Spain.”
Looking back at her time at the helm, Nestares said: “It has been a privilege to lead the UK business for the last eight years. The business is filled with incredible colleagues who have been key to the growth and diversification of the business.
“I’ve had the honour of holding a range of leadership roles within the group, and I’m really proud of everything our colleagues have delivered for customers and our commitment to always do the right thing for them. I wish Alistair, the team, and everyone at Admiral every success.”
Hargreaves, a longtime Admiral executive who joined the company in 2008, is taking over upon receipt of regulatory approval. His previous roles include chief operating officer of UK insurance. More than two years ago, he was promoted to deputy CEO, overseeing both operations and claims, as well as product diversification.
“It is an honour to be able to step up and lead the business which I’ve worked at for almost two decades,” Hargreaves stated. “I would like to personally thank Cristina for the support and counsel she has given me over the years. Admiral is a great organisation, and I’m looking forward to working with my colleagues to drive growth and continue to be there for our customers when they need us the most.”
Highlighting the significance of the leadership succession, group CEO Milena Mondini de Focatiis noted: “We have a talented leadership team, and this is consistent with our strong track record in succession planning and internal talent management.
“Alistair’s significant leadership experience and extensive knowledge of our customers, colleagues, products, and strategy make him the best person to lead this business. The board, the management team, and I look forward to working even more closely with Alistair to execute our current plans as we continue to deliver for our growing customer base.”
Meanwhile the group CEO also had nothing but nice words for the outgoing leader.
She had this to say about Nestares: “Under Cristina’s leadership, the UK business has continued to build on its position as one of the UK’s leading insurers. Cristina has a long history of commercial success and leaves behind a business in great shape.
“On behalf of everyone at Admiral, I would like to thank Cristina for the significant contribution that she has made to the group over the last two decades. I will miss her energy, passion, and customer focus, and we all wish her the very best for the future.”
Founded in the UK in 1993, Admiral also operates in Canada, France, Gibraltar, India, Italy, Spain, and the US. The financial services firm specialises in motor, household, travel, and pet insurance while offering personal lending products.
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