Chief executive John O’Roarke puts pen to paper on four-year contract
LV= chief executive John O’Roarke and his management team have signed a four-year deal to stay on at the insurer.
The former managing director of Churchill will look to expand LV=’s 10% market share in motor. He also wants to expand home and SME.
O’Roarke’s has been at LV= since 2006. He has helped turned losses into profits and quadrupled the size of the business.
The rest of the management team includes operations director Peter Horton, LV= Broker managing director Phil Bunker, company secretary Paul Cassidy and finance director Steve Castle.
In August, LV=’s general insurance business made a pre-tax profit of £52m in the first half of 2011, up 53% on the £34m it made in the same period last year.
The insurer also turned an underwriting profit, posting a combined ratio of 98.1% in this year’s first half compared with a loss-making 101.9% in the first half of 2010.