Direct Line taps HSBC for new chief risk officer

Direct Line Group has hired Jose Vazquez as its new chief risk officer, reporting to chief executive Paul Geddes.

Vazquez, previously global chief risk officer at HSBC Insurance Holdings, will replace current chief risk officer Sheree Howard on 5 March. Howard will become Direct Line’s managing director of Solvency II and executive projects.

In his role at Direct Line, Vazquez will develop the insurance group’s risk strategy and capability as it prepares for the split from its current parent, Royal Bank of Scotland (RBS).

Howard will be responsible for Solvency II and the framework for managing risks driven by the separation and divestment from RBSG.

The changes are the latest in a line of appointments as Direct Line, formerly RBS Insurance, prepares to separate from RBS.

The insurer hired Rick Vlemmiks as chief marketing officer in February and Neil Manser as head of investor relations in November.