Insurance coverage large RSA kicks off seek for subsequent chair | Enterprise Information
One of many insurers embroiled in a battle with the Metropolis watchdog concerning the fee of claims from coronavirus-hit companies has begun lining up a successor to its veteran chairman.
Sky Information has learnt that RSA Insurance coverage Group is working with headhunters on a search to interchange Martin Scicluna, who additionally chairs the grocery store chain J Sainsbury.
Mr Scicluna, who has chaired RSA since 2012, is anticipated to step down subsequent 12 months, in accordance with sources.
Metropolis insiders stated that one of many contenders to interchange him was Baroness Fairhead, the previous commerce minister, who was just lately named chair of the listed industrial group Electrocomponents.
The search course of is at a comparatively early stage, with an announcement regarded as unlikely till subsequent 12 months.
Different candidates are within the body for the job in addition to Baroness Fairhead, whose different earlier roles embody chairing the BBC Belief and HSBC Holdings’ North American enterprise.
RSA has had a difficult 12 months, cancelling its dividend in April following discussions with the Prudential Regulation Authority because the COVID-19 disaster escalated.
The corporate has additionally been a part of the Monetary Conduct Authority’s pursuit of the insurance coverage business over its determination to not pay out hundreds of claims from small companies which noticed their operations halted because of the pandemic.
The case is now anticipated to be resolved on the Supreme Courtroom early subsequent 12 months.
RSA declined to touch upon Sunday.