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Top related persons:
Adam Winslow - 1 Winslow - 1 Penny James - 1 Jon Greenwood - 1 Sinchita Mitra - 1 Eva Mathews - 1 Huw Jones - 1 Varun - 1
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British Bengaluru London
Top related orgs:
Line Insurance - 1 Aviva - 1 UK & Ireland - 1 Direct - 1 Thomson - 1

Search resuls for: "Penny James"


4 mentions found


☆ UK's Direct Line appoints CEO after tough 2022
  + stars: | 2023-08-30 | by ( ) www.reuters.com   time to read: +1 min
LONDON, Aug 30 (Reuters) - British motor and home insurer Direct Line Insurance Group (DLGD.L) on Wednesday named Adam Winslow, a senior executive at Aviva (AV.L), as its CEO, seeking to reset after profits fell by 95% in 2022. Winslow, who is currently CEO of UK & Ireland general insurance at FTSE 100-listed Aviva, will join Direct Line in the first quarter of 2024. His appointment comes after Penny James, Direct Line's CEO for nearly four years, stepped down in January and Chief Commercial Officer Jon Greenwood was appointed acting CEO. Direct Line reported in March that its operating profit dropped 95% in 2022 after inflation drove up the cost of motor repairs and it warned that 2023 would be impacted by higher than previously expected claims inflation. Direct Line reports first-half 2023 results on Sept. 7.
Persons: Adam Winslow, Winslow, Penny James, Jon Greenwood, Sinchita Mitra, Eva Mathews, Huw Jones, Varun Organizations: Line Insurance, Aviva, UK & Ireland, Direct, Thomson Locations: British, Bengaluru, London
☆ UK financial sector to forge new post-Brexit market model
  + stars: | 2023-05-15 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
LONDON, May 15 (Reuters) - Britain's financial services industry has commissioned a report to lay out what needs to be done to keep London a globally competitive financial centre, which it said would span law and regulation, market practice and cultural change. Sector body the Capital Markets Industry Taskforce (CMIT), which commissioned the report, said it aims to ensure that Britain remains a leading global financial centre that supports the development of high-growth UK and international companies. "It will be a comprehensive, concise, and easily understandable report that sets out the new market model needed to help deliver growth across the broader UK economy," CMIT said in a statement. Britain has already undertaken more than 30 public consultations on reforming listing and other financial rules, and is in the final stages of approving a draft financial services law to implement these so-called Edinburgh Reforms. Separately, top financial sector officials said in March they would present a "roadmap" in the autumn to "kickstart" London's role as a post-Brexit global financial centre by 2030 by offering a "vision" for the future.
☆ British motor insurer Direct Line's CEO Penny James steps down
  + stars: | 2023-01-27 | by ( ) www.reuters.com   time to read: +1 min
Jan 27 (Reuters) - Direct Line Insurance Group's (DLGD.L) chief executive of nearly four years, Penny James, will step down with immediate effect after the British motor and home insurer faced "significant headwinds" in recent months, the company said on Friday. James, who joined Direct Line as finance chief in late 2017, took over as CEO in May 2019 and steered the company through the COVID-19 pandemic, when motor insurers performed well as restrictions limited the number of drivers on the road, leading to fewer accidents. The appointment of a new CEO will allow the company to "reset and rebuild" after a "tumultuous time", JPMorgan analysts wrote in a note. The company appointed Chief Commercial Officer Jon Greenwood as acting CEO, with Chair Danuta Gray saying Greenwood would focus on driving performance and restoring the balance sheet. Spells of extreme weather in Britain over the past year have also led to more claims for subsidence and burst pipes.
☆ British insurer Direct Line axes dividend after bad weather claims
  + stars: | 2023-01-11 | by ( ) www.reuters.com   time to read: +2 min
It also expected higher motor claims inflation to add two to three percentage points to its 2023 combined operating ratio. Direct Line in July cut its profitability outlook for the year and delayed the second leg of a share buyback. The insurer said it expected total weather claims of around 140 million pounds ($170.30 million) for 2022, well above its original expectation of 73 million pounds. Gross written premiums in motor insurance fell 2% in the fourth quarter versus the previous year, the insurer said. Direct Line also said its property investment portfolio had seen a 15% drop in values, equivalent to 45 million pounds.
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