March 2020 esure Group announces that its founder Sir Peter Wood is to step down as Chairman and will be succeeded by Andy Haste.
esure has announced that its founder, Sir Peter Wood, has decided to step down as Chairman and from the Board with immediate effect.
Following the search for a successor the Board is delighted to announce that Andy Haste will take over from Sir Peter Wood as esure’s Chairman.
Since he founded the Company in 1999, Sir Peter has been the driving force at esure, taking the Company from an internet-based car insurance start-up to the substantial business it is today. His decision to step down from his role comes as the Company finishes its transition into the private sector following its acquisition by Bain Capital. Sir Peter oversaw esure’s track record of steady growth and profitability, becoming a leading FTSE 250 insurer with nearly 2.5m policies across motor and home insurance. The company built the Sheilas’ Wheels brand using an iconic pink car and bought, invested in, and demerged the price comparison company GoCompare, now known as the GoCo Group.
Andy is an experienced Director bringing a wealth of experience in board leadership, executing change, delivering profitable growth and increasing shareholder value. Andy currently serves as the Senior Independent Deputy Chairman of Lloyds of London where he chairs its Remuneration Committee, Investment Committee, Technology and Transformation Committee, and Capacity Transfer Panel. He is also a member of Lloyd's Nominations and Governance Committee.
Andy has over 35 years’ experience in financial services. He is a highly regarded director holding several nonexecutive roles serving as a Chairman, Deputy Chair, Board level Committee Chair and Senior Independent Director at a range of high-profile and regulated organisations. His previous roles include Chairman of Wonga Group, Senior Independent director of ITV PLC, Group Chief Executive of RSA Insurance Group PLC, Chief Executive of AXA Sun Life PLC and Executive Director AXA UK PLC. He was also a Member of the Board of the Association of British Insurers from 2003 to 2011 and a Visiting Fellow at the Oxford University Centre for Corporate Reputation between 2008 and 2019.
Sir Peter Wood said, ”Having founded seven insurers in the UK, the US and Spain, it has been a particular privilege to have founded and guided esure over the past 20 years, creating a great company that I hope and believe will thrive under its new ownership. Following the change in ownership and establishment of a permanent Chief Executive in David McMillan, I’ve decided that now is the right time for me to hand over the Chairmanship and scale back my responsibilities within esure, allowing me more time to spend on my other interests including GoCompare, Pikl and my property interests. I still retain a shareholding in the company and continue to be available to Andy and David if needed.
“Andy has had a successful executive and non-executive career and I am pleased the Board has selected such a strong candidate to lead esure through its next era of development. I wish the Board, David and all of my friends and colleagues at esure the very best for the future.”
Andy Haste commented: "I’m delighted to become Chairman and look forward to helping steer the company through what is a very important period for esure and for the broader insurance industry. This is a great business, with a strong management team and an exciting plan to deliver growth in the future. I would like to thank Sir Peter who has an incredible track record as an entrepreneur and founded such a great company."
Luca Bassi, Bain Capital, said: “I would like to thank Sir Peter for his central role in the development of the company since its inception in 2000. Sir Peter has worked with Bain in close partnership since our investment in 2018. Peter remains an important shareholder in esure and we look forward to his continued support as we continue to grow the business that he and his team built. “Looking to the future, we are delighted to welcome Andy to esure. He brings an outstanding track record and unparalleled expertise in the insurance space that will support David and esure as we enter the next phase of strategic development”