Mike Holliday-Williams awarded 224,636 shares

Direct Line Group has awarded its new personal lines managing director Mike Holliday-Williams stock options worth £545,930.

Holliday-Williams has been awarded options on 224,635 of the insurance group’s shares at £2.43 a share under the company’s restricted shares plan.

The options will become available for Holliday-Williams to exercise in three stages over the next three years.

He will be able to buy 26,099 of the awarded shares from 1 May 2015, a further 154,647 shares from 1 May 2016 and the remaining 43,889 shares from 1 May 2017.

The options will remain exercisable until 26 May 2024.

The insurance group announced on 4 March that it had hired Holliday-Williams, previously rival insurer RSA’s Scandinavia chief executive, to replace outgoing personal lines boss Tom Woolgrove.