After 17 years at Esure, Stuart Vann will be leaving the personal lines insurer.
Esure chief financial officer Darren Ogden will step into the chief executive position for an interim period, while the business looks to replace Stuart Vann (pictured). Chairman Sir Peter Wood will now take a more active role in the business and support Ogden.
Vann first joined the insurer 17 years ago. He has been chief executive since February 2012, and oversaw Esure building its book to have £820m in gross written premiums (GWP).
However, he has now stepped down “by mutual consent”, according to Esure.
Vann said: “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.”
Esure will now look to hire a chief executive “with significant expertise and experience in a broad spectrum of customer facing businesses, in an increasingly digital and data driven world.”
Esure chairman Sir Peter Wood, who has a 30.7% stake in the company, commented: “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.”
Wood was said to be in talks to sell his own stake in Esure in September 2017,
According to Esure, the group has started 2018 “positively” and in line with its board’s expectations.
Despite continued cutbacks in its home business, the insurer still saw profits jump in the first half of 2017. In August, it revealed a 33% reinsurance bill hike hit on its motor portfolio following the discount rate change, which came into effect on 1 July.