17 May 2019 esure Group plc ('esure' or the 'Company') announces that David McMillan will join the business as Chief Executive Officer. David is currently Group Chief Operating Officer of QBE, one of the world's top 20 insurance and reinsurance companies, and is expected to join the Company in August 2019, subject to regulatory approval. Sir Peter Wood, Chairman of esure, commented 'I am delighted that David McMilllan has agreed to lead esure. I'd like to thank Darren Ogden for heading the business during this interim period and he will be working closely alongside David to ensure a smooth transition. 'David has a strong track record of delivering digital transformation across the insurance market. Under David's leadership, I am confident the business will deliver on its strategic ambitions.' Luca Bassi, a Managing Director of Bain Capital Europe, said: 'We are excited to partner with David to take esure to the next level. Our plans for esure are very ambitious and we are convinced David is the right leader to deliver our aspirations with the support of the broader esure leadership team.' David McMillan said: 'I am delighted to be given the opportunity to lead esure under Bain's ownership. esure has great potential and can be at the forefront of the digital disruption of the UK insurance market. 'These are exciting times and I am looking forward to working alongside the dedicated and ambitious team at esure to create a world class business.' Notes to editors David McMillan - Biography David joined QBE in September 2017 as Group Chief Operating Officer and is based in the company's London office. Prior to joining QBE, David was Chief Executive Officer Europe and India and Chairman of Global Health Insurance for Aviva plc. Earlier in his career at Aviva, David was Chief Executive Officer of UK General Insurance & Group Transformation Officer. David joined Aviva in 2002 following almost 10 years with the management consulting arm of PricewaterhouseCoopers. For further information, please contact: Chris Wensley Head of Investor Relations & Corporate Strategy t: +44 (0)1737 641324 e: ir@esure.com Alice Rivers Company Secretary t: +44 (0)1737 235504 Chris Barrie Citigate Dewe Rogerson t: 0207 638 9571 e: esure@citigatedr.co.uk Company information LEI: 213800KOI3F5LM54PT80 ISIN: GB00B8KJH563
Esure's conservative reinsurance programme and low-risk approach to underwriting helped it weather the impacts of recent changes to the Ogden discount rate, according to the company. On 10 March, the insurer reported that its gross earned premiums rose from £550m ($670m) to £655m YoY. The change in the discount rate means that insurance firms will have to pay out more in lump-sum settlements for personal injury claims.