RSA Insurance Group PLC (LON:RSA) has moved its chief financial officer into a new role as chief executive of its UK & International division.
The FTSE 100 firm said Scott Egan, who had served as CFO since 2015, would take over the new role from 5 February while recruitment for a new CFO was ongoing.
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Steve Lewis, the incumbent UK & International CEO, would step down from the role and leave the company.
Egan’s tenure follows on from a profit warning issued by the firm last September as large and weather-related losses came in “above expected levels” in the third quarter of its fiscal year, with the UK segment “particularly elevated”.
Stephen Hester, RSA chief executive, said: "I'd like to thank Steve for his service to RSA over the last four years, leading a comprehensive restructuring of our UK&I businesses. In this period there have been some notable successes, although UK results in 2017 and 2018 have disappointed, particularly due to 'London Market' losses in areas now subject to the portfolio exits announced last year.”
He added: “In Scott we have a strong successor to Steve, who knows the business well and has broad experience in UK general insurance. Scott has done an excellent job as CFO at RSA since joining and I look forward to working closely with him in his new capacity."
In late-afternoon trading Tuesday, RSA shares were up 0.6% at 517.2p.