Saga appoints former Zurich exec as new chair
Saga, a UK-based specialist insurer for life after 50, has appointed former Zurich executive Patrick O’Sullivan as chairman with effect from 1 May 2018.
O’Sullivan has been chairman of Old Mutual, the FTSE 100 diversified financial services conglomerate, since January 2010. He is also chairman of ERS (syndicate 218), a Lloyd’s market specialist motor insurer.
Prior to this, O’Sullivan spent 12 years at Zurich Insurance Group, where he held a number of roles, including CEO of Eagle Star, CEO of UK general insurance, chief financial officer, and vice chairman of the management board.
Saga stated that O’Sullivan will receive a fee of £325,000 per annum from appointment and will not be entitled to any additional compensation or benefits. It added that he does not currently have any interest in shares in Saga.
The company said that Andrew Goodsell will stand down as chairman. O’Sullivan will stand for election at Saga’s next annual general meeting.
Orna NiChionna, senior independent director, said: “We are delighted to welcome Patrick to the Board of Saga. He brings many years of highly relevant commercial and board experience, working with companies in the financial services and insurance sectors. His wisdom and leadership will be invaluable as we invest in growing the customer base to deliver profit growth across the business.”
O’Sullivan commented: "Saga is a household name and a brand that I admire. I am very pleased to be joining at a pivotal moment in the development of the company as it focuses on sustaining profitability and growth across the businesses. I look forward to working with management and the Saga Board to build on recent investments and initiatives to deliver profitable growth."
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