Direct Line looks to recover from torrid 2023 with new chief starting next month
Insurance giant Direct Line’s new chief executive will start the job next month as it looks to complete a recovery from a torrid 2023.
The company has said Adam Winslow, formerly the head of Aviva UK, would start as chief executive at the company on 1 March, formally taking over responsibilities from 21 March.
He will assume his new job on the same day the insurance firm releases its preliminary results for 2023, Direct Line told markets this morning.
He joins after spending three years as chief executive of Aviva UK & Ireland General Insurance, after a long career in the industry, including eight years at AIG. He was previously at Aviva in more junior roles for six years.
This comes after embattled Direct Line, whose brands include Churchill and Green Flag, saw its previous CEO Penny James depart last January.
She stepped down after the FTSE 250 company hit a tumultuous patch which saw an unexpected dividend cut and a tumble in its share price.
Winslow will rake in an annual salary of £820,000 and a pension allowance of nine per cent, with additional perks on offer. He will succeed Jon Greenwood, who had served as acting chief executive.
When he was announced as the chief last August, Adam Winslow said the company was one of the “UK’s leading insurers with some of the most recognisable brands in the retail and commercial market.”
“It’s a privilege to be invited to lead DLG into the future, particularly given its rich heritage and passion for serving its millions of customers.”
“I’m looking forward to working with my new colleagues to drive growth, deliver for customers and create long-term shareholder value,” he said in a statement to markets.
The company’s share price in the last year has dropped by more than 13 per cent, as the UK general insurance market has struggled amid soaring inflation and extreme weather.
Direct Line performed particularly poorly compared with rivals last year, in March posting a £45m loss for the year 2022, in what analysts described as one of the “worst years” in its history.
It, however, reported a strong third quarter in November 2023, which it credited to “pricing actions”, as it looks to continue its recovery, as inflation falls and interest rates start to come down.