logo-loader

RSA moves CFO to new role as CEO for UK & International division

Published: 15:47 05 Feb 2019 GMT

1549381697_Scott-Egan
Egan (pictured) will replace outgoing UK&I CEO Steve Lewis

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.

READ: RSA Insurance boosted by Jefferies upgrade to ‘buy’ from ‘hold’ on valuation grounds after de-rating

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.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

3 hours, 5 minutes ago