Personal lines insurer esure technically has not had a chief executive since January 19, 2018, and chairman Sir Peter Wood has issued an update on where the Surrey-headquartered firm he founded now stands as far as its recruitment for the top post is concerned.
“The search for a new chief executive officer was well underway in 2018; however, that process was subsequently paused during the Bain Capital acquisition,” stated Wood. “The search has resumed and is well advanced, and the board intends to confirm a permanent appointment in 2019.”
Since Stuart Vann’s shock exit last year, chief financial officer Darren Ogden has been filling the gap in his capacity as interim CEO. Currently serving as interim CFO is his deputy Steve Long.
Wood, whose company was acquired by Blue (BC) Bidco Limited – a wholly owned subsidiary of funds managed by Bain Capital Private Equity (Europe) LLP – for £1.2 billion, added: “I was pleased to accept Bain Capital’s request to remain as chairman of esure to facilitate a smooth transition to private ownership…
“…and I am grateful to our senior independent director, Shirley Garrood, along with Alan Rubenstein and Peter Shaw, all of whom have a wealth of experience and who also accepted Bain Capital’s request to remain as non‐executive directors. This continuity will help promote and maintain the board’s commitment to high standards of corporate governance.”
For the year ended December 31, 2018, esure posted a £15.4 million loss before tax – a plunge from the £98.6 million pre-tax profit it enjoyed in 2017. Gross written premium for 2018 was at £862.2 million.
