The insurer’s chief operating officer will fill the top spot

Covéa Insurance has promoted chief operating officer Adrian Furness to the role of chief executive, as current boss James Reader steps down from the top spot.

Reader will be leaving the business and has no plans to take on another executive role.

Previously, Furness has worked as claims director at both Covéa Insurance and its predecessor Provident Insurance.

Covéa Insurance chairman Dominique Salvy said: “While the board of directors and our shareholders regret James’ personal decision to leave, we respect his choice.

“We are grateful for his leadership of the company throughout his tenure, which has delivered a solid strategic positioning for the business and has helped navigate the unprecedented challenges brought about by the pandemic.

“No one is better positioned than Adrian to continue to guide the company and build on its strengths.

“The board wishes him every success.”

‘Handing the baton on’

After nine years as chief executive, Reader decided that “the time is right” for him to take a step back from the role.

He continued: “It has been an absolute privilege to lead such a great business and team and I’m extremely proud of what we’ve achieved together.

Covéa Insurance has an exciting future ahead of it and I’m delighted to be handing the baton on to Adrian.”

Furness added: “I’ve worked with James for 18 years and he has been a brilliant leader of the business and, from both a professional and personal perspective, I will miss him greatly and wish him all the very best for the future.

“We have an agreed and progressive strategy in place with great people and it is my intention to continue to drive this forward, together with the rest of the team within Covéa.”