Former Swinton board reaches settlement with Covea

Swinton’s former board has reached a settlement with Covea following their sacking in December last year, Insurance Times can reveal.

The firm’s French parent company dismissed the entire executive team in a dispute over the board’s performance-related share scheme payments due to be made in the first quarter of this year.

The five sacked board members were chief executive Peter Halpin, marketing director Nick Bowyer, finance director Anthony Clare, operations director Jackie Ordish and IT and business change director Adrian Hazeldine.

Covea said at the time it took the action after losing confidence in the board and was concerned the members had put their “short-term interests ahead of the long-term interests of the company and its employees”.

In an interview, new Swinton chief executive Christophe Bardet told Insurance Times that a settlement had been reached between Covea and the board.

Bardet said he wasn’t part of the discussions and had no further details of the deal, but was now focused on moving the company forward.

“My understanding is that there was a lack of confidence between the parent company and the executive director…but I think it was a fair decision for the general interests of Swinton and I’m here to work for those interests which are consistent with those of Covea,” he said.

Kelly Ogley was appointed operations director in January as previously planned and Chris Collings has been appointed as insurer development director.

Halpin declined to comment.

Covea did not return calls by time of going to press.