Michael Sicsic joins regulator as general insurance retail sector head

Michael Sicsic

Aviva group operational risk director Michael Sicsic (pictured) will leave the insurer to become general insurance retail sector department head at the FCA.

He will leave the insurer on 31 August. Insurance Times understands the company is not seeking a replacement.

Sicsic will also step down as chairman of global not-for-profit loss data consortium ORIC International, although he will remain as a non-executive director.

ORIC deputy chairman Justin Elks will replace Sicsic as chairman on an interim basis while the organisation searches for a new chairman.

Sicsic said: “We’re working on a number of exciting international initiatives to expand ORIC International’s global footprint further which I‘ll continue to support.

“I’m pleased that I’ll remain on the board after I step down as chairman. I’ve enjoyed the role and it’s great to be part of an organisation which is working with the industry to enhance operational risk management practices at a global level.”

Before joining Aviva in 2011 to set up the operational and regulatory risk function, Sicsic spent more than 11 years with GE Capital, where he was ERM and capital allocation director for the EMEA region.