Equity finance chief Andrew Gibson departs

Equity Red Star chief financial officer Andrew Gibson has left the company, Insurance Times can reveal.

The Lloyd’s motor insurer has hired Aspen UK’s former finance chief Katie Wade to replace him. Wade’s appointment is subject to regulatory approval.

Wade’s appointment closely follows Equity’s hire of Aviva broker performance director Sam Hudson as commercial director.

Equity chief executive Ian Parker told Insurance Times that Hudson and Wade would be the last big hires to the company’s executive team.

Parker said: “I am delighted to be able to say that I have completed the team that is going to take Equity through to delivering its transformation plan.”

Outgoing finance chief Gibson has been back and forth between Equity and LV=-owned Highway Insurance over the past eight years.

He first left Highway for Equity in 2005, returning to Highway to run the company in 2007. He then returned to Equity again as chief financial officer in 2009.

His most recent three years at Equity have been eventful. The company was investigated and subsequently censured by Lloyd’s for poor reserving controls in January 2012, and was sold by Australian parent IAG to private equity house Aquiline in December 2012.

Parker said: “Andrew has done a fantastic job for Equity in the three years he has been here this time.

“He was instrumental in delivering the remediation programme that was set up by the FSA and Lloyd’s.

“He was absolutely central to the sale of the business from IAG to Aquiline and he has done a fantastic job in helping me integrate into the business.“

He added: “I can only thank him for everything he has done for the company. Whatever he does next I wish him all the very best.”

Since its sale to Aquiline, Equity has been working on a turnaround plan. It now only accepts business from brokers, and has sold its non-motor and distribution assets.