Tom Woolgrove named Flood Re interim chief executive

Tom Woolgrove has been appointed interim chief executive of Flood Re.

He will transition into the role by May and stay in the role until a permanent chief executive joins.

His current employer, Direct Line Group, announced this morning that he will leave his role as personal lines managing director and be replaced by Mike Holliday-Williams, who joins in May.

Woolgrove has decided not to apply for the permanent post, which is being recruited for by Russell Reynolds Associates.

In the new role, Woolgrove will lead preparations for the regulatory authorisation of Flood Re, the building of its systems and the start of the procurement process.

ABI director general Otto Thoresen said: “Tom has always been a key player in the industry response to flooding and is well known and respected by ministers, regulators and other stakeholders. He was critical to the development of the Flood Re model and his leading the project on an interim basis makes it all the stronger. We are delighted to have his experience and leadership skills on board for this stage of the project delivery.”

Woolgrove has been closely involved in the insurance industry’s response to flooding since leading the negotiations for the renewal of the Statement of Principles in 2008.

He had co-chaired the Flood Re project board overseeing the project since September. Craig Thornton, chief executive of general insurance at Lloyds Banking Group will now chair the board.