Aviva PLC (LSE:AV.)’s loss appeared to be Direct Line Insurance Group PLC (LSE:DLG)’s gain as shares in the latter rose after it confirmed the appointment of Adam Winslow as chief executive.
Winslow will join Direct Line from Aviva where he is currently CEO of UK and Ireland general insurance and prior to that was CEO of Global Life at AIG Life and Retirement.
Victoria Scholar at interactive investor said Winslow “boasts an impressive CV” while analysts at Jefferies pointed out that Aviva's UK&I GI business demonstrated “remarkable resilience during a very tough period for the market in 2022”.
Russ Mould at AJ Bell felt Winslow looks “like a safe pair of hands”, being “well versed in the challenges facing the UK general insurance market”.
Mould noted “Direct Line has struggled over the past year or so due to unfavourable weather causing a spike in home insurance claims and inflationary pressures making it more expensive to support car insurance customers”.
“Winslow will need to find ways to improve Direct Line’s balance sheet and reinvigorate the brand.”
Winslow is expected to take up the role in the first quarter of 2024, succeeding Jon Greenwood who has been acting CEO since January 2023, when Penny James resigned.
Greenwood will leave the business once the transition is completed.