The chief executive has handed over his duties to Milena Mondini de Focatiis

Insurer Admiral Group has confirmed that co-founder and chief executive David Stevens will formally retire from the business on 31 December, following a successful handover of duties with his successor.

On this date, Stevens will also step down as a director of the business.

In March this year, Stevens announced his retirement plans. At this point, Admiral confirmed that the company’s reins would be handed over to Milena Mondini de Focatiis, previously the firm’s head of UK and European insurance.

Admiral announced today that the handover process has been completed.

Stevens will continue to work for Admiral on a part-time basis, providing consultancy support on risk selection and as a board member of Admiral Financial Services Limited.

‘Immeasurable impact’

Speaking on the news, Annette Court, Admiral Group’s chair, said: “David co-founded Admiral in 1991 and has had an immeasurable impact on the group.

“He has contributed enormously to all the elements that make Admiral so special and successful, including underwriting, product innovation, the unique Admiral culture and much more. We are delighted that David has agreed to continue to work for the group in a part-time advisory capacity, focusing on risk selection, financial services and diversification.

“The CEO transition has gone very smoothly. Milena is deeply embedded in the Admiral culture with an entrepreneurial spirit, excellent people development skills and a strong commercial track record, having founded the group’s Italian insurer, ConTe, and further strengthened the group’s other European businesses.

“She will lead a very strong and experienced management team that is ideally positioned to take forward David’s work and to build an even stronger Admiral for the future.”

Stevens won the prestigious Industry Achiever award at this year’s Insurance Times Awards, held virtually on 9 December.