The Sunday Times Rich List names Douw Steyn as the richest man in insurance

Comparethemarket founder Douw Steyn tops the list of the richest people in insurance with a wealth of £600m, according to the Sunday Times Rich List.

Steyn stepped down as non-executive chairman of the Peterborough-based company in 2012, but his family still has a £500m majority stake in parent company BGL Group.

Admiral founder Henry Engelhardt was second on the list of insurance company leaders, coming in at 179 in the overall list with a wealth of £575m.

Engelhardt still owns a £509m stake in Admiral after floating the insurer in 2004, and gave £31m of shares to Admiral’s Moondance Foundation last year.

Other notable insurance names on the list include Esure’s Peter Wood (£508m), Towergate’s Peter Cullum (£450m) and Neil Utley of Hastings (£225m).

Utley recently bought former England Footballer David Beckham and wife Victoria’s mansion for £11.5m and now ranks 20 places above the celebrity couple, who have a combined wealth of £210m.