Nov. 22 (Bloomberg) -- RSA Insurance Group Plc, 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, 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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