Esure founder Peter Wood steps aside from chief executive role

Esure founder Peter Wood is stepping aside from his chief executive role to allow chief operating officer Stuart Vann to take over.

Wood will still continue in his role as executive chairman and take a more strategic role, Insurance Times understands.

Vann joined esure in 2000 and has held a number of senior roles, most recently as chief operating officer with responsibility for all aspects of esure’s day-to-day operations and business plan execution.

Peter Wood, chairman of esure said: “Stuart and I have worked together for many years building esure into a successful insurance business. His assured management of all of our operational functions - including underwriting and claims - has enabled us to navigate a difficult period for the industry with confidence and success. His appointment as chief executive is effectively confirmation of a role he has undertaken for some time.

“As chief executive, his strong focus on delivery will complement my role of executive chairman as we continue to work on strategic initiatives for esure and Sheilas’ Wheels and expansion of our revenue streams.”

Stuart Vann said: “Esure is a business that has been built from day one on strong foundations by a true insurance pioneer. I will work to deliver the results, innovation and continued success that Peter and our board expect.”

Wood negotiated with Lloyd’s in October 2008, at the height of the financial crisis, to gain full control of esure for £200m in 2010.

Esure is planning on a flotation, with 2014 the earliest date. There is also the possibility that esure may raise its 50% stake in Gocompare and roll it into the flotation.