irect Line has appointed Adam Winslow from rival Aviva as its new chief executive officer.
Mr Winslow, who is currently chief executive of Aviva’s UK and Ireland general insurance business, will take the reins in the first quarter of 2024.
The company is currently led by acting chief Jon Greenwood, after previous CEO Penny James stepped down in January.
It comes after the company saw profits slide last year and cautioned in May that its earnings outlook remained “challenging” due to the soaring cost of claims.
Adam Winslow stood out for his strategic understanding of the sector, outstanding track record of leading high performing businesses and his focus on driving operational excellence to consistently meet customer needs
It had reported a 19% jump in the average cost of motor renewal premiums over the start of the year, leading to a fall in policies.
The motor and home insurance firm said Mr Greenwood will work with the new chief when he joins before stepping back to “pursue other opportunities”.
The new boss will receive an annual salary of £820,000 and a pension allowance of 9% of his salary.
Danuta Gray, chairwoman of Direct Line Group, said: “The board is delighted to announce that Adam Winslow is to be our new CEO.
“Adam has deep expertise in the UK general insurance market and significant leadership experience, spanning two decades across personal and commercial lines insurance.
“The board conducted an extensive search and Adam Winslow stood out for his strategic understanding of the sector, outstanding track record of leading high performing businesses and his focus on driving operational excellence to consistently meet customer needs.”
Mr Winslow said: “Direct Line Group is 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 Direct Line into the future, particularly given its rich heritage and passion for serving its millions of customers.”
Shares in Direct Line moved higher as a result in early trading.