Paul Cosh and Steve Kilby to leave broker
Hero directors Paul Cosh and Steve Kilby will not be joining Capita, which has acquired the personal lines broker for £15m from LV=.
Cosh, Hero’s managing director, will leave LV= next month and Kilby, finance director, will depart in June.
Mark Townsend, Capita’s insurance distribution managing director, will lead the business. “Hero has a strong management team and I look forward to working with them,” he said.
About 300 staff will join Capita.
Townsend refused to rule out further acquisitions to boost Capita’s personal lines distribution business, which includes brands BDML, Lancaster and Thornside. “The first job will be to integrate the business to make sure we leverage the synergies. But we always have our heads up for opportunities.”
LV= acquired Hero as part of its £150m deal for Highway Group last year. John O’Roarke, managing director of LV= General Insurance, said owning an intermediary was not part of the insurer’s strategy. He said: “We’re having a year of settling down for 2009. We are planning for £100m organic growth so we are very focused for the next 12 months.”