Cirencester Friendly is promoting finance director Andy Morris to CEO, succeeding Paul Hudson who announced his impending retirement last year after 26 years.
Morris (pictured) has held senior positions within Nationwide, RBS and Leek United Building Society, before joining Cirencester as FD in April 2019.
He told Health & Protection that diversifying the insurer’s offering and keeping mutuality at the heart of the organisation were key aims in his new role. The mutual only sells income protection (IP) insurance at present but does have a £2,500 children’s critical illness benefit for members.
Morris said that while the society had weathered the pandemic well, many challenges remained in the macroeconomic climate at home and abroad.
He added that “diversifying our offerings” will be a key element of the company’s strategy in future. And while not elaborating further, he promised “some real enhancements” for advisers and members in the near future.
And commenting on what he would regard as a successful first year in charge, Morris said: “The long term stability of friendly societies relies upon sustainable growth to ensure our resources are sufficient to meet members’ needs.
“So success means continuing to grow the society with quality new business reflected in increased membership and ongoing investment to develop the interesting ideas that we are working on.”
Touching on Hudson’s tenure, Morris described him as a “great mentor” who has “mutuality at the heart of all he does for the business” – an approach he explained he is keen to foster and promote in future.
“I am a passionate believer in mutuality and how our sector can deliver a real difference for our members, so my commitment is to ensure that the society remains focused on those values and delivering long term success,” he added.
Health & Protection understands Hudson will remain with the business until April 2023 as planned in a transitionary period. Morris’ appointment is subject to regulatory approval and the firm is in the process of recruiting his successor as finance director.
Hudson was appointed CEO in 1997 and has seen membership of the mutual grow from 13,000 to more than 44,000 today. During his tenure, total assets have increased from £23m to over £165m and premium income grew from £2m to more than £21m.