LONDON--(BUSINESS WIRE)--
7 July 2015
RSA Insurance Group plc – Director Appointment
RSA Insurance Group plc (RSA) today announces the appointment of Scott Egan as an Executive Director and Group Chief Financial Officer of the Company. He is expected to join the company during Q4 this year. The date will be announced once available.
Stephen Hester, Group Chief Executive, said:
“I am delighted to welcome Scott to RSA. He is an outstanding professional who will strengthen our team and bring excellent skills and in-depth knowledge and experience of the insurance industry. Scott’s appointment is another positive step in building a strong and valuable RSA."
Scott Egan, said:
“I am incredibly excited to be joining RSA and I am looking forward to working with Stephen and his team as well as the Board in cementing a bright future for the Company.”
1. Regulatory approval
The Prudential Regulation Authority, with consent from the Financial Conduct Authority, has approved the appointment of Scott Egan.
2. Biographical information on Scott Egan
Scott joined Towergate Insurance in April 2012 as Chief Financial Officer, and since February 2015, he has held the role of Interim Chief Executive Officer. Prior to joining Towergate, Scott was Group Chief Financial Officer at Brit Insurance Holdings from January 2011. Before this, Scott spent four years at Zurich Financial Services, as Chief Financial Officer UK, and latterly as Group Financial Controller. Between 1995 and July 2007, Scott held various senior finance roles at Norwich Union Insurance, and subsequently Aviva. During this time his responsibilities included Deputy Finance Director and Director of Partnerships.
He is a qualified accountant (ACMA) and has an MBA from Cranfield University.
3. Compensation arrangements
Scott has been appointed on an annual salary of £525,000. He will be eligible to participate in the Company’s incentive plans and receive other customary employment benefits. Scott will also receive one-off awards to compensate for remuneration he will forfeit as a result of leaving his former employer, which will be disclosed once awarded. All remuneration arrangements fall within our shareholder-approved Directors’ Remuneration Policy.
4. The following information is disclosed pursuant to LR 9.6.13R:
Towergate Finance plc (part of the Towergate Group) went into administration on 2 April 2015. Certain of its direct and indirect holding companies were placed into creditors’ voluntary liquidation on 29 June 2015.
As part of certain group reorganisations during this and past roles, Mr Egan is or was a director of a number of companies which underwent solvent reconstructions or winding up.
- ENDS -
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About RSA
With a 300 year heritage, RSA is a multinational quoted insurance group. RSA has core operations in the UK, Scandinavia, Canada, Ireland, and Latin America, and has the capability to write business in around 140 countries. Focusing on general insurance, RSA has around 19,000 employees and, in 2014, its net written premiums were £7.5 billion.
Important Disclaimer
This press release may contain ‘forward-looking statements’ with respect to certain of the Group’s plans and its current goals and expectations relating to its future financial condition, performance results, strategic initiatives and objectives. Generally, words such as “may”, “could”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “aim”, “outlook”, “believe”, “plan”, “seek”, “continue” or similar expressions identify forward-looking statements. These forward-looking statements are not guarantees of future performance. By their nature, all forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group’s control, including amongst other things, UK domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation or regulations in the jurisdictions in which the Group and its affiliates operate. As a result, the Group’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in the Group’s forward-looking statements. Forward-looking statements in this press release are current only as of the date on which such statements are made. The Group undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Nothing in this press release shall be construed as a profit forecast.