Setanta Insurance Chief Executive Mike Matthews is to leave the company after investors failed to back his vision to grow the business within Ireland and internationally.
Matthews will return full-time to Sevitt Consulting, the insurance consulting business appointed five years ago to establish and launch Setanta Insurance into the Irish market.
Matthews has successfully grown Setanta Insurance since the company began trading in October 2007, culminating in it winning two prestigious awards at the Irish Brokers Association Insurance Awards earlier this year.
The fastest growing vehicle insurance company in the Irish market won the category for the Best Commercial Vehicle Insurance Product and also picked up the prize for the Most Improved Ranking Award (Specialist Sector).
Matthews said: “It has become increasingly apparent during the past year or so that the aspirations of the majority shareholders were at odds with the vision I held for Setanta Insurance.
“Having established an extremely successful brand in the Irish insurance market, I wanted to pursue a strategy of continued investment in the business in order to grow its market share in Ireland and to expand internationally.”
Matthews added: “While it is hugely disappointing not to be able to continue taking Setanta Insurance forward within Ireland and internationally, I will now be concentrating on a number of exciting new projects with Sevitt Consulting.”
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