Senior executives retire at Royal & SunAlliance and Norwich Union
Norwich Union (NU) and Royal & SunAlliance (R&SA) have been hit by the retirement of two senior executives this week.
NU intermediary business director Ken Wallace will retire at the end of the month after 40 years with the company.
Duncan Boyle will retire as R&SA chief executive in November.
Wallace's responsibilities will be assumed by Mark Hodges who was appointed managing director of NU general insurance. The title was created after NU formalised its acquisition of RAC this week.
In his new role Hodges will also take responsibility for NU Direct, RAC Insurance, claims handling and pricing and underwriting.
Towergate Partnership chief executive Andy Homer described Hodges as the "obvious choice" to succeed Wallace. He said he had been "groomed to take a bigger job".
NU's former customer services director Simon Machell has been named as managing director of RAC.
Boyle will be replaced by NU's marketing and underwriting director Bridget McIntyre. She was described as the natural successor to Boyle.
Aon's insurer relationship director Nick Stanton credited Boyle with taking "some fairly drastic measures to solve some drastic problems" during his time at R&SA.
He said McIntyre would be able to move the company to "the next phase".
McIntyre's old role at NU will be subsumed within the new management structure.
' How will the changes at the top of R&SA affect its future? See News Analysis, page 10
RAC deal goes throug
Aviva has secured the requisite 90% of acceptances from RAC shareholders to guarantee the takeover will go through, according to the company.
The insurer will now invoke s429 of the Companies Act (1985) to compulsorily acquire the remaining 10% of RAC shares. Aviva has also made applications to the UK Listing Authority for cancellation of RAC's listing on the Official List and to the London Stock Exchange for the cancellation of the trading of RAC shares. The insurer said it expected the cancellations to take effect on 22 June.
The offer was declared unconditional earlier this week after the FSA and the European Commission approved the terms of the deal.