Aviva plc (“Aviva”) announces today that it has appointed Colm Holmes as Chief Executive Officer of Aviva UK General Insurance (“UKGI”), reporting to Maurice Tulloch, Chairman, Aviva Global General Insurance.
- 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.
Ends
Enquiries:
If you are a journalist and would like further information, please contact:
James Leach | Aviva Press Office | 020 7662 0253 | james.leach@aviva.com
Erik Nelson | Aviva Press Office | 01603 682264 | erik.nelson@aviva.com
Photographs of Maurice Tulloch and Colm Holmes are available from the Aviva media centre at http://www.aviva.com/media/
Notes to Editors:
- General insurance is a core element of Aviva’s growth strategy and also is integral to its True Customer Composite strategy, offering life, general, and health insurance and asset management in markets where it has a competitive advantage.
- With businesses in the UK, Canada, Ireland, France, Italy, Poland and Singapore, general insurance reported its best combined operating ratio for nine years in 2015.
- Aviva UKGI, the largest general insurance operation in Aviva Group, is the UK’s largest general insurer with a 12% market share.
About Maurice Tulloch:
- Maurice Tulloch joined Aviva in 1992 and was president and chief executive officer of Aviva Canada, the second largest general insurance operation in Aviva Group and Canada's second largest property and casualty insurer, before being appointed CEO of Aviva UKGI in October 2013. In July 2014 Maurice took on additional responsibilities as Chairman, Global General Insurance.
About Colm Holmes:
- Colm Holmes joined Aviva in 2014 as Chief Financial Officer of Aviva UK General Insurance. Prior to this Colm was Group Treasurer and Head of Capital Management of Zurich Insurance Group, responsible for driving the strategy of Zurich's Group Treasury, in particular by optimising its capital structure and strengthening its balance sheet.
- Colm was the Chief Executive Officer at Zurich's Centrally Managed Business (CMB) and Head of Zurich Banking Group. Before that he served as the Chief Executive Officer of CMB Europe and Chief Operating Officer for CMB Global based in New York.
- He holds a Bachelor's Degree in Business from Trinity College Dublin, is a Chartered Accountant (ACA) and a Member of the Institute of Chartered Accountants in England and Wales (ICAEW).
About Aviva:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers, across 16 markets worldwide
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £245 billion in assets.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £31 billion in benefits and claims to customers in 2015.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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