The specialist motor insurer has also announced plans to expand its cover

Specialist motor insurer ERS has appointed a new chief executive as incumbent Ian Parker steps down, as it aims to expand to new markets.

Former AIG global head of speciality Peter Bilsby will step into Parker’s old role from the start of next month. Parker will stay on during a transition period, the company added.

Bilsby’s previous roles have included spells at Talbot and Validus Group.

The company - a Lloyd’s underwriter that has been in business for more than 60 years - has also appointed an industry veteran into the newly created position of group chief financial officer (CFO). Richard Hextall has 30 years’ experience in the industry, having most recently held the role of group CFO at Amlin.

The new hires coincide with an expansion of the business into commercial lines, beyond its core motor market, ERS said. 

’Strongest position ever’

ERS - which has been owned by private equity firm Aquiline since 2013 - is uniquely positioned to benefit from the significant dislocation we are seeing in the market by leveraging its team of top-tier executives, married with the strength of the existing ERS platform”, said Aquiline chief executive and ERS DGB chairman Jeff Greenberg.

While Bilsby commented that his appointment was ”a truly unique opportunity to support a great company in its next chapter of growth and to work with Aquiline again.

”We are excited about the opportunities that lie ahead. I would like to thank Ian and his team for their extraordinary efforts which has placed ERS in a very strong position from which to build.”

Outgoing Parker said he was leaving the business in the strongest position it has ever been in. 

”I am confident that the next chapter for ERS will see the company go from strength to strength and I look forward to handing over to [Bilsby].”