Direct Line appoints Aviva’s Adam Winslow as its new CEO
Direct Line appointed a new permanent CEO today, to replace Penny James, who left the FTSE 250 insurer in January after a profit warning led to it dropping its dividend payout and cancelling part of a share buyback.
Adam Winslow will take up the top job in the first quarter of next year, moving over from Aviva, where he runs the FTSE 100 company’s UK and Ireland general insurance business. He was previously CEO at Global Life at AIG Life and Retirement and is on the board of the Association of British Insurers.
Winslow said: “It’s a privilege to be invited to lead Direct Line Group into the future, particularly given its rich heritage and passion for serving its millions of customers.”
He will be paid an annual salary of £820,000 before bonuses and a 9% pension allowance.
Before Winslow takes up the new post, Jon Greenwood will remain as acting CEO, the Bromley-based company said.
Direct Line’s January profit warning came after a surge in the cost of motor insurance claims due to rising costs of second hand cars and longer repair times. The increased payouts lagged behind the rate at which it could put up premiums. There was also a spike in home insurance payouts after a cold snap in December.
Nvidia at record high as US shares rally, FTSE 100 seen higher
The FTSE 100 index is poised to build on yesterday’s rise of 1.7% after a strong session on Wall Street and further gains for Asia shares.
The appetite for risk follows a bigger-than-expected decline in the number of US job openings to the lowest level since March 2021, fuelling hopes that the US Federal Reserve will keep interest rates unchanged next month.
A sharp fall in bond yields meant the Nasdaq Composite rose 1.7%, with shares in semiconductor firm Nvidia up 4% at a record close of $487.8. The S&P 500 index rose 1.45% in its best session since early June and the Dow Jones Industrial Average by 0.85%.
The US performances helped boost sentiment in Asia, where the Hang Seng index has posted another session in positive territory amid speculation that China is preparing more initiatives to support the country’s property sector.
The FTSE 100 index, which yesterday rose 126 points as traders caught up with Monday’s strong gains in Europe, is forecast by CMC Markets to add another 28 points at 7493.