RSA Insurance Names Scicluna Chairman to Replace Napier
RSA Insurance Group Plc (RSA), the U.K.’s biggest property and casualty insurer by market value, named Martin Scicluna to replace John Napier as chairman.
Scicluna, a non-executive director of Lloyds Banking Group Plc (LLOY), will join RSA’s board on Jan. 1, the London-based insurer said in a statement today. Napier will step down at the end of this year after 10 years at RSA, according to the statement.
RSA, formerly known as Royal & Sun Alliance, has been seeking to sell more insurance in markets such as Chile, Uruguay and the Middle East to offset falling sales in Europe. The company said Nov. 8 that nine-month revenue rose 4 percent as growing demand in emerging markets offset flat sales in the U.K.
“Martin will bring a fresh approach that will support our aims to deliver an excellent service to our customers and value for our shareholders,” Edward Lea, a senior independent director at RSA, said in the statement. “His considerable knowledge and understanding of the financial-services sector and his board experience will be real assets to the group.”
Scicluna will step down as a director of Lloyds in March, the bank said in a separate statement. He chairs the audit committee at Britain’s biggest mortgage lender.
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