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Outgoing Admiral chief executive Henry Engelhardt is the richest insurance executive in the UK, according to the latest edition of the Sunday Times Rich List.

According to the list, Engelhardt and his family are worth £700m, up from £590m in 2015’s list. This has pushed them 26 places up the ranking to equal 164th.

Also at equal 164th place is BGL Group founder Dow Steyn and his family. Their worth remained static at £700m, losing them four places. Steyn and his family were top of the insurance rich list in 2015.

Esure chairman and Direct Line founder Peter Wood came in at 192 on the list. He rose four places after his worth increased to £628m from £577m.

Other insurance executives on the list are Homeserve founder Richard Harpin in equal 399th place, and Sabre founders Angus Ball and Keith Morris, both in equal 460th place.