Departing Smith to remain as chairman
Patrick Smith has confirmed he is stepping down as chief executive of Swinton.
He will be replaced by Peter Halpin, the insurer’s deputy chief executive. Smith will continue as chairman of Swinton Group. The move will be made official on 1 April.
Smith ruled out taking other non-executive roles and said he had been considering stepping down for some time. “I am confident that Peter will successfully grow and develop the business,” he said.
In its 2008 results, Swinton reported a 4% increase in pre-tax profit to £50.1m, from £48.3m in 2007. Gross premium income rose 15% to £763.9m.
It now has 3.25 million policies, up 25% on 2007. Earnings before interest, taxes, depreciation and amortisation increased 5% to £75.5m.
No comments yet