esure Group, the insurer bought by private equity firm Bain capital last year, has named the boss of Australia’s biggest global insurer as its chief executive officer.
The former London-listed firm, which was snapped up by Bain for £1.21bn last August, said David McMillan is expected to join the company in August 2019, subject to regulatory approval.
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McMillan is currently group chief operating officer of QBE, one of the world's top 20 insurance and reinsurance companies.
Sir Peter Wood, esure’s chairman of esure, commented: "David has a strong track record of delivering digital transformation across the insurance market. Under David's leadership, I am confident the business will deliver on its strategic ambitions."
Wood and Halifax bank launched online insurer esure.com in 2001. After a management buy-out in 2010, it became an independent company and listed in London in March 2013 at 290p per share. Bain paid 280p a share for the Shelia's Wheels brand owner last year.
Luca Bassi, a managing director of Bain Capital Europe, said: “Our plans for esure are very ambitious and we are convinced David is the right leader to deliver our aspirations with the support of the broader esure leadership team."