Broker’s acting chief executive will join insurer in fourth quarter

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Towergate acting chief executive Scott Egan is to join RSA as group chief financial officer.

He will join the insurer in the fourth quarter and will be paid an annual base salary of £525,000.

Egan became acting chief executive of Towergate in February this year pending the arrival of new chief executive David Ross, who is expected to take the helm of the broking group in early 2016.

In his new role Egan will replace RSA’s current chief financial officer Richard Houghton, who announced in February this year that he was leaving the insurer once a replacement was found.

RSA group chief executive Stephen Hester said: “[Egan] is an outstanding professional who will strengthen our team and bring excellent skills and in-depth knowledge and experience of the insurance industry.

“Scott’s appointment is another positive step in building a strong and valuable RSA.”

Towergate chairman John Tiner said: “I would like to thank Scott for his significant contribution to Towergate and the leading role he played in securing the group’s successful restructuring and recapitalisation.

“We wish Scott all the best in the next phase of his career. Towergate is now a stronger, refocused business with a more confident outlook and a depth of talent throughout the company. These attributes are key in serving our clients and position the company for success in the future.”

Egan added: “I am incredibly excited to be joining RSA and I am looking forward to working with Stephen and his team as well as the Board in cementing a bright future for the company.”

Egan joined Towergate as chief financial officer in April 2012. He was previously chief financial officer at Lloyd’s insurer Brit, a role he took up in January 2011.

Before this he spent four years at Zurich, initially as UK chief financial officer and latterly as group financial controller.