Plumer would play a key part in a sale of the business by owner GMAC
GMAC has appointed a new chief financial officer to its UK motor insurer Provident in preparation for a likely sale. It has parachuted in Christian Plumer, currently in a similar role elsewhere in the group, into the role. He replaces Simon Wright, who remains with the group.
GMAC is considering selling Provident as it looks to pay back $12.5bn (£7.67bn) from two huge bailouts from the US Treasury, as revealed by Insurance Times last month.
In order to make these repayments, GMAC sold off its US property casualty insurance business in October.
As chief financial officer, Plumer would play a key role in any sale.
GMAC, which provides financing for customers of former parent company General Motors, paid £170m for Provident two years ago.
A Provident spokesman confirmed Plumer’s appointment.
Meanwhile, Provident sales and marketing director Mike Smith will leave in March next year to head up Giles-owned underwriting agency Ink.
