Commercial director to cover role until replacement found.
NIG, the broker only arm of RBSI, has announced the resignation of managing director, commercial, Michael Rea.
In a statement the insurer, which is part of the £7bn GWP division that includes Churchill and Direct Line, said that commercial director Andy Cornish will assume Rea’s responsible while a successor is found.
Cornish was appointed head of RBS’ commercial and broking divisions in December as part of a management restructure that saw 100 senior staff lose their jobs.
RBSI’s posted pre-tax profits of £683m last year, but reported a loss of business in its broker and partnerships divisions.
A spokesman confirmed that Rea had left the business, but would not comment on the details of his departure.
The spokesman said: “We are unable to discuss the matter any further, but it remains business as usual within NIG and Andy Cornish, commercial director, will be covering this role on an interim basis until a replacement is announced.”
RBS put its insurance division up for sale on 22 April.
NIG has been repeatedly linked with AIG in recent months, though it is understood that RBS is looking to sell the business as a whole after it rebuffed the interest of private equity suitors who could look to split the business.
The submission of preliminary bids, orginally slated for last week, was extended at the request of potential bidders, which is understood to include Zurich, Allianz, Allstate and Travelers.
RBSI is valued at between £6bn and £8bn.
