Covéa Insurance has promoted chief operating officer Adrian Furness to chief executive officer.
He succeeds James Reader, who the firm revealed is leaving the business and has no plans to take on another executive role.
Furness (pictured) has been the firm’s chief operating officer since December 2019, having previously been claims director of the company and its predecessor Provident Insurance since 2008.
Covéa Insurance is the UK underwriting business of French mutual insurance group Covéa
Commenting on Furness’ appointment, Covéa Insurance chairman Dominique Salvy said: “While the board of directors and our shareholders regret James’ personal decision to leave, we respect his choice.
“We are grateful for his leadership of the company throughout his tenure, which has delivered a solid strategic positioning for the business and has helped navigate the unprecedented challenges brought about by the pandemic.
“Going forward, no one is better positioned than Adrian to continue to guide the company and build on its strengths. The board wishes him every success.”
Furness added that the firm was extremely grateful to James for the legacy he left.
“I’ve worked with him for 18 years and he has been a brilliant leader of the business and, from both a professional and personal perspective, I will miss him greatly and wish him all the very best for the future,” he said.
“Taking over from James is an absolute honour. I’ve been with Covéa for many years and it’s a company I love and believe in.
“We have an agreed and progressive strategy in place with great people and it is my intention to continue to drive this forward, together with the rest of the team within Covéa.”
Reader said: “After nine years as chief executive, I have decided the time is right for me to take a step back.
“It has been an absolute privilege to lead such a great business and team and I’m extremely proud of what we’ve achieved together.
“Covéa Insurance has an exciting future ahead of it and I’m delighted to be handing the baton on to Adrian, who I’ve no doubt will be a more than worthy successor.”