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Maurice Tulloch to focus on maximising the potential and growth of Aviva’s seven general insurance businesses across the Group as Chairman, Aviva Global General Insurance
The appointment of Colm Holmes as Chief Executive Officer, subject to regulatory approval, is effective from 1 June 2016. Until this date, Maurice will continue as Chairman, Global General Insurance and Chief Executive Officer of UK GI, and Colm will continue as Chief Financial Officer of UK GI.
As Chairman, Aviva Global General Insurance, Maurice will focus on maximising the potential and growth of Aviva’s seven general insurance businesses across the Group, sharing best practice particularly in areas such as underwriting, pricing, claims management and efficiency.
In 2015 these seven general insurance businesses - UK, Canada, Ireland, France, Italy, Poland and Singapore - accounted for £7.17 billion of total general insurance net written premiums, an operating profit of £737 million and a combined operating ratio of 94.6%, the best in nine years.
Maurice will also continue as chair of the Association of British Insurers’ General Insurance Committee and Chairman of Climatewise, the global insurance industry’s leadership group to reduce the risks of climate change.
As CEO, Aviva UKGI, Colm will be responsible for building on Aviva’s position as the leading general insurer in the UK market. UK GI is Aviva’s largest general insurance business, accounting for approximately 50% of total general insurance net written premiums. In 2015 UKGI returned to growth with £3.7 billion net written premium, operating profit was £368 million and the combined operating ratio stood at 95.1%.
Maurice Tulloch commented: “In recent years UKGI has built a reputation as a respected insurer and a formidable competitor, with fantastic people who are recognised as the best in the market. I’m delighted that Colm will take on the challenge of CEO of UKGI, an appointment which reflects the strength and depth of the management team across Aviva.”
“Colm has an impeccable track record since joining Aviva. I recruited him as CFO to deliver UKGI’s financial goals of cash flow plus growth and he has achieved that, and more. He has taken market leading capital management actions, reduced operating expenses by over £100 million in the last two years and in 2015 cash remittances to Group improved to £351 million.”
“Most importantly, Colm possesses the intimate knowledge of UK GI that is needed to take the business to the next stage of its development, and I look forward to continuing working closely with him on the future.”
Colm Holmes commented: “It is a huge honour and responsibility to lead UKGI. I thank Maurice for handing me a business in such good shape, and I’m excited about collaborating with him in the future as the leader of the largest general insurance business within the Group.”
“I also share Maurice’s great admiration for the Aviva brand and the fantastic people who work tirelessly to grow our business and support our customers. It will be business as usual and we're going to carry on doing what UK GI does so well - controlled, calculated and well managed growth and creating an exciting business fit for the future by using digital technology to make it easier to serve customers.”
Formal arrangements for the search for a UK GI Chief Financial Officer to replace Colm Holmes are already in progress and a further announcement will be made in due course.
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