Over-50s specialist insurer Saga has announced that chief financial officer Mike Hazell will replace Euan Sutherland as chief executive effective immediately.
Hazell was CFO at The Co-op Group before joining Saga in October and had previously been with Debenhams for almost 12 years. Mark Watkins will replace Hazell as CFO
So-called claims inflation of around 15 per cent has rocked the insurer this year, dragging on its insurance division in its latest half-year results.
Inflation dragged down the potential value of a sale of its underwriting business, leading Saga to shelve the sale of its underwriting business.
“I am delighted to take over from Euan and will continue to deliver against the group strategy to maximise the performance of our existing businesses and reduce debt,” Hazell said.
“I look forward to working with Mark and the rest of the executive team, the board and all my wider Saga colleagues to take the group to the next phase of its development.”
Sutherland added: “The time is right for someone else to take Saga into the next phase of its development and I am delighted to hand over to Mike and Mark, who I know will lead this business with passion and determination.”
More to follow