21st January 2018

esure CEO Vann to leave by mutual consent-early results for 2017 positive

The Board of esure Group has announced that, by mutual
consent, Stuart Vann is stepping down as ceo with immediate effect.
As esure continues to evolve its long term strategy, the Board and Vann have agreed that this will be best achieved through new leadership with significant expertise and experience in a broad spectrum of customer facing businesses, in an increasingly digital and data driven world. The process has commenced to find a successor.
Since joining in 2000, Vann has been instrumental in the success of the business to date working across a number of influential roles and became ceo in February 2012. The business has grown in this time to 2.4 million in-force policies and over £800m in gross written premiums.
During the process of selecting a new ceo, Darren Ogden, cfo, will become interim ceo, subject to regulatory approval. He will be supported by chairman Sir Peter Wood who will take a more active role in the business. The Group will continue to focus on delivering for its customers, colleagues and shareholders.
Sir Peter comments On behalf of the Board, I’d like to thank Stuart for his immense contribution to esure. Under his
direction, the company has introduced a successful footprint expansion programme and the business remains on track to deliver 3 million in-force policies by 2020. We wish him all the best for the future. Looking to the future, the process of selecting a new ceo is under way.”
Vann added “After 17 years at esure, I feel now is the right moment to move on. I have enjoyed my time with the business immensely and am proud of all that we have achieved. I would like to thank the chairman and the Board for their support over this time. Now is the right time to pass the baton
on to someone else to take the business to the next level.”
The Group continues to deliver on its profitable growth ambitions and has achieved gross written premiums of £820m (up +25% vs. £655m in 2016), in-force policies of 2.4 million(+9% vs. 2.2million in 2016) and a profit before tax in the region of £95m-£98m in 2017(+30% to +35% vs. £72.7m in 2016), subject to audit.
The Group has started 2018 positively and is trading in line with the Board’s expectations.
The Group’s next scheduled update will be its 2017 preliminary results announcement on 7th March 2018.

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