Zego says Franks still gives ‘ongoing support’ to the insurtech

Commercial motor insutech Zego has revealed that cofounder Harry Franks left the firm due to personal reasons.

According to a Companies House document, Franks resigned as a director of Extracover Holdings, of which Zego is a trading name, in September 2023.

He had also been named as someone with ”significant influence or control as a member of a firm”.

A spokesperson for Zego told Insurance Times that he had left to ”spend more time with his growing family and to explore new challenges”.

“Harry Franks has stepped away from Zego for personal reasons,” they added.

”That being said, Harry still gives his full and ongoing support to both Zego’s chief executive Sten Saar and to the business itself.”

’Easier’ decision

Franks cofounded Zego in 2016 and was the firm’s chief executive until 2018.

He was replaced by Sarr, who helped the business become the UK’s first insurtech unicorn by leading it through a $150m funding round in 2021.

Zego said Franks’ decision to step down was made “a lot easier” knowing that the ”right team was in place”.

”At the time Harry made his decision, he felt that it was made a lot easier for him knowing that the right team was in place – from Sten downwards – and that the business itself was on the right track, looking set to hit profitability this year,” it added.