esure Group plc Directorate Change & Trading Update (3279C)
19 January 2018 - 6:00PM
UK Regulatory
TIDMESUR
RNS Number : 3279C
esure Group plc
19 January 2018
19 January 2018
esure Group plc
Directorate Change and Trading Update
The Board of esure Group ("the Group", "esure", "the Company")
announces that, by mutual consent, Stuart Vann is stepping down as
Chief Executive Officer with immediate effect.
As esure continues to evolve its long term strategy the Board
and Stuart have agreed that this will be best achieved through new
leadership with significant expertise and experience in a broad
spectrum of customer facing businesses, in an increasingly digital
and data driven world. The process has commenced to find a
successor.
Since joining in 2000 Stuart has been instrumental in the
success of the business to date working across a number of
influential roles and became CEO in February 2012. The business has
grown in this time to 2.4 million in-force policies and over
GBP800m in gross written premiums.
During the process of selecting a new CEO, Darren Ogden, CFO,
will become interim CEO, subject to regulatory approval. Darren
will be supported by Sir Peter Wood who will take a more active
role in the business. The Group will continue to focus on
delivering for its customers, colleagues and shareholders.
Sir Peter Wood, Chairman, commented:
"On behalf of the Board, I'd like to thank Stuart for his
immense contribution to esure. Under his direction, the Company has
introduced a successful footprint expansion programme and the
business remains on track to deliver 3 million in-force policies by
2020. We wish him all the best for the future. Looking to the
future, the process of selecting a new CEO is under way."
Stuart Vann commented:
"After 17 years at esure I feel now is the right moment to move
on. I have enjoyed my time with the business immensely and am proud
of all that we have achieved. I would like to thank the Chairman
and the Board for their support over this time. Now is the right
time to pass the baton on to someone else to take the business to
the next level."
Trading update
The Group continues to deliver on its profitable growth
ambitions and has achieved gross written premiums of GBP820m (up
+25% vs. GBP655m in 2016), in-force policies of 2.4 million (+9%
vs. 2.2 million in 2016) and a profit before tax in the region of
GBP95m-GBP98m in 2017 (+30% to +35% vs. GBP72.7m in 2016), subject
to audit.
The Group has started 2018 positively and is trading in line
with the Board's expectations.
The Group's next scheduled update will be its 2017 preliminary
results announcement on 7 March 2018.
Additional information
Details of Stuart Vann's severance terms are still to be
finalised. Any such terms will be consistent with the Company's
approved Directors Remuneration Policy. Details of any payments to
be made to Stuart will be posted on the Company's website, in
accordance with section 430(2B) Companies Act 2006.
For further information:
Chris Wensley Chris Barrie / Caroline
Head of Investor Relations Merrell
& Corporate Strategy Citigate Dewe Rogerson
t: 01737 641324 t: 0207 638 9571
e: investor.relations@esuregroup.com e: esure@citigatedr.co.uk
Notes
As at 18 January 2018, the Company compiled consensus for 2017
profit before tax was GBP96m.
About esure Group plc
esure Group plc is an efficient, customer-focused personal lines
insurer, founded in 2000 by Chairman, Sir Peter Wood, Britain's
foremost general insurance entrepreneur. The Group is one of the
UK's leading providers of Motor and Home insurance products through
the esure and Sheilas' Wheels brands.
Cautionary statement
Certain statements made in this announcement are forward-looking
statements. Such statements are based on current expectations and
assumptions and are subject to a number of known and unknown risks
and uncertainties that may cause actual events or results to differ
materially from any expected future events or results expressed or
implied in these forward-looking statements. Persons receiving this
announcement should not place undue reliance on forward-looking
statements. Unless otherwise required by applicable law, regulation
or accounting standard, the Group does not undertake to update or
revise any forward-looking statements, whether as a result of new
information, future developments or otherwise.
Disclaimer
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation which came into
effect on 3 July 2016.
The esure Group plc LEI number is 213800KOI3F5LM54PT80.
The person responsible for arranging the release of this
announcement on behalf of esure Group is Darren Ogden, CFO.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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