The appointment comes hot on the heels of the Co-op’s offloading of its underwriting business, CIS General Insurance Limited (CISGIL), to Soteria Finance Holdings Limited. The latter is owned by Markerstudy Group, TwinFocus, and funds managed by Blackstone Credit.
Now known as Soteria Insurance Limited, CISGIL was sold for £185 million.
“The Co-op has been in insurance for over 150 years, but that said, we’re starting a significant new chapter,” said Co-op Insurance board chair Sir Christopher Kelly. “We’re now in a place where we can expand our offer and focus on working with our partners to significantly grow the business following the sale of our underwriting business.
“Debra will be an invaluable member of the board, and I am looking forward to working with her, as the business seeks to create compelling products and services co-operatively, to fulfil our members’ and customers’ needs.”
Williams, who will help steer Co-op Insurance’s ambition to offer coverage to even more people across the UK, previously served as managing director at Confused.com and Tesco Compare.
Recognised as one of the country’s top 200 businesswomen by the Queen, the industry consultant currently sits on the boards of Milford Haven Port Authority and Principality Building Society. She also chairs Careers Wales and is a trustee at The Alacrity Foundation UK.
Commenting on her appointment, Williams noted: “Co-op Insurance is facing into a period of significant change and ambitious growth plans, as it seeks to make change for the good of its members, and truly disrupt the market. The timing couldn’t be better for me – I’m delighted to join the team at this point in their journey.”
