Chesnara has hired Steve Murray from Royal London to replace John Deane who is retiring after six years in charge of the life and pensions company.
Murray has more than 20 years’ experience in the life assurance industry and is chief commercial officer at mutually owned Royal London. Chesnara said he would take over from Deane later in 2021.
Chesnara said Deane would stay on until Murray arrives to make sure there is a smooth handover. The company said under Deane’s leadership shareholders received £171m in dividends and Chesnara’s economic value rose to £637m from £220m.
Murray said: “I am delighted to be joining Chesnara later this year. I look forward to working closely with John and the wider team in my step into the group chief executive role as we look to build on the company’s successful and well-established strategy.”
Chesnara shares rose 0.5% to 275.37p at 10:35 BST.