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Direct Line Insurance Group PLC on Friday said former Aviva PLC UK boss Adam Winslow will officially join the company as chief executive officer on March 1. The Bromley, England-based motor and home insurer added that Winslow will join the board on March 21. He will be replacing CEO Penny James, who agreed to step down immediately in January last year after the company skipped its final dividend due to a big increase in weather related claims, which pushed the insurer into a loss on underwriting. Chief Commercial Officer Jon Greenwood stepped in as acting CEO while the firm searched for a new successor. He will work with Winslow to ensure a smooth handover, but will then take a step back from his executive career. Winslow’s appointment was first announced in August, and was deemed ‘a safe pair of hands’ for the firm by AJ Bell’s Russ Mould. He led Aviva’s UK & Ireland general insurance business since 2021, where Direct Line said he has developed a ‘clear strategy for both personal and commercial lines which has delivered market share expansion and improved profitability’. Prior to his position at Avivia, Winslow was CEO of Global Life at AIG Life & Retirement. Direct Line will release its full-year results on March 21. Shares in Direct Line fell 0.9% to 159.10 pence each in London on Friday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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