Ex-Aviva general insurance boss takes over at esure

Esure has announced David McMillan will take over as its new chief executive.

McMillan has previously worked for Aviva as its chief executive of general insurance and group transformation officer. He has also worked as Aviva’s chief executive of Europe and India and as its chairman of global health insurance.

Most recently he has been working as QBE’s group chief operating officer, a role he took up in September 2017.

McMillan is expected to join esure in August 2019, subject to regulatory approval.

He will be tasked with turning around the business, following a poor set of results.

It’s solvency ratio had been as low as 108%, but esure has taken subsequent action to restore this to a more acceptable level.

Investment

Sir Peter Wood, chairman of esure, said: “I am delighted that David McMilllan has agreed to lead esure. I’d like to thank Darren Ogden for heading the business during this interim period and he will be working closely alongside David to ensure a smooth transition. 

“David has a strong track record of delivering digital transformation across the insurance market.  Under David’s leadership, I am confident the business will deliver on its strategic ambitions.”

McMillan will join around a year after esure accepted a £1.2bn takeover from US private equity firm Bain Capital.

Luca Bassi, a managing director of Bain Capital Europe, said: “We are excited to partner with David to take esure to the next level. Our plans for esure are very ambitious and we are convinced David is the right leader to deliver our aspirations with the support of the broader esure leadership team.” 

McMillan added: “I am delighted to be given the opportunity to lead esure under Bain’s ownership. Esure has great potential and can be at the forefront of the digital disruption of the UK insurance market.

“These are exciting times and I am looking forward to working alongside the dedicated and ambitious team at esure to create a world class business.”