Aviva close to naming new chief executive

Aviva is close to naming its new chief executive, with three candidates shortlisted for the role, Insurance Times understands.

The three frontrunners consist of one internal candidate, with two from outside the organisation.

Insurance Times understands Patrick Regan is the internal candidate shortlisted for the role.

One of the external candidates is believed to be Prudential chief financial officer Nic Nicandrou, former deputy finance director at Aviva. Nicandrou left Aviva to join Prudential in 2009.

However, it is understood that David McMillan, the former UK general insurance chief executive is not in the running.

McMillan’s erstwhile colleague at Aviva, Mark Hodges, the former UK general insurance chief executive who is now at Towergate, is not in the race. A Towergate insider dismissed the possibility.

CVs

Regan joined Aviva in February 2010 as chief financial officer, when he was also appointed to the Aviva board and as a member of the group executive committee. Since April 2012, he has also assumed responsibility for Aviva Investors and for Aviva’s US business.

Before joining the business Regan was group chief financial officer and latterly also chief operating officer at Willis Group. He was also chairman of Willis Capital Markets and Advisory, the investment banking business which he established.

He held a series of senior finance roles with Aviva, including Norwich Union life finance director and Aviva group financial control director. 

Aviva director of group transformation David McMillan had been tipped to become the new chief executive, given his recent rapid rise through the ranks, but Insurance Times understands he has been ruled out. McMillan was only appointed director of group transformation at Aviva in July 2012.