LONDON (Reuters) -British motor and home insurer Direct Line Insurance Group on Wednesday named Adam Winslow, a senior executive at Aviva (LON:AV), as its CEO, seeking to reset after profits fell by 95% in 2022.
Winslow, who is currently CEO of UK & Ireland general insurance at FTSE 100-listed Aviva, will join Direct Line in the first quarter of 2024.
His appointment comes after Penny James, Direct Line's CEO for nearly four years, stepped down in January and Chief Commercial Officer Jon Greenwood was appointed acting CEO.
Direct Line reported in March that its operating profit dropped 95% in 2022 after inflation drove up the cost of motor repairs and it warned that 2023 would be impacted by higher than previously expected claims inflation. The company also faced an unexpected dividend cut, a sharp fall in its shares and the threat of a possible credit rating downgrade.
Direct Line reports first-half 2023 results on Sept. 7.