Tesco Underwriting appoints interim chief executive

Tesco Bank has appointed former Oxbow Partners advisor Gary Duggan as interim chief executive officer of Tesco Underwriting and interim chief insurance officer of Tesco Bank, effective from today (5 July 2021).

The interim roles, which are still subject to regulatory approval, will run for at least the next 12 months.

Duggan is succeeding Steve Kingshott who is leaving the business to join Saga Insurance as its chief executive.

Duggan has a wealth of experience across the banking and insurance sectors. As well as most recently acting as a senior advisor at consultancy Oxbow Partners, Duggan was chief executive of Saga Services between 2017 and 2020, leading the business’s insurance broking and personal finance divisions.

Prior to this, he was managing director of Junction, the UK’s largest general insurance partnership business, and was chief executive of Broker Network and Paymentshield at Towergate.

Duggan also spent more than 20 years working in the banking sector at Barclays, GE and Halifax Bank of Scotland.

Commitment to the insurance market

Tesco Underwriting was established in 2010 as a joint venture between Tesco Bank and Ageas UK, underwriting Tesco Bank-branded car and home insurance policies.

On 4 May 2021, Tesco Bank completed its acquisition of Ageas’ stake in Tesco Underwriting, enabling Tesco Bank to create an end-to-end insurance business.

Furthermore, from 1 August 2021, all Tesco Bank’s new and renewing car and home insurance policies will be underwritten by Tesco Underwriting, replacing the external panel of six insurers that Tesco Bank currently uses, alongside Tesco Underwriting, to manage its car and home book.

Tesco Bank additionally provides pet, telematics and travel insurance policies.

Speaking on Duggan’s appointment, Gerry Mallon, chief executive of Tesco Bank, said: “I’d like to welcome Gary to our business. He has a wealth of experience in banking and insurance, which will be invaluable to us, our customers and our partners.

“Tesco Bank’s acquisition of Tesco Underwriting earlier this year underlines our commitment to the insurance market and our strategy of focusing on propositions which better meet the needs of Tesco shoppers.”