Equity Red Star revamps structure

Lloyd’s motor insurer Equity Red Star has reshuffled the structure of its core motor business.

The business will now be organised into five key segments: commercial motor, retail motor, motor fleet, bespoke motor and motor breakdown.

The reshuffle follows the announcement in May that Equity would go broker-only, cut 200 jobs and close six regional offices in a bid to restore focus and profitability.  

Equity Red Star was bought by private equity house Aquiline Capital Partners in April 2013 and is run by Ian Parker (pictured). The company was previously owned by Australian insurer IAG.

New structure

The new commercial motor division will combine all non-fleet commercial motor products including agricultural, haulage, bus and coach, minibus and showman’s insurance. The unit will be run by Andy Hill, who has worked as a senior underwriter at Equity for several years.

Retail motor will comprise Equity’s motorcycle, private car and van products and be headed by Rob Clark. Clark previously led the motorcycle portfolio.

Andrew Dodd will remain head of the motor fleet business, which the company said would continue to be a major area of focus.

Jon May will continue to lead Equity’s bespoke motor team, which includes its classic car, specialist vehicle and non-standard motor products.

Ro Hart will continue to lead Equity’s motor breakdown proposition, which includes a range of core and specialist motor vehicle breakdown products.

Equity Red Star active underwriter Mark Bacon said: “Our divisional reorganisation and senior underwriting appointments are the next step in our mission to establish Equity Red Star as the leading provider of specialist motor insurance solutions in Lloyd’s and the UK. I am confident that these changes will allow us to match the depth of our specialist underwriting knowledge with a first-class service proposition for our customers and brokers.”