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Insurance giant RSA kicks off search for next chair | Business News

One of many insurers embroiled in a battle with the Metropolis watchdog in regards to the cost 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 switch Martin Scicluna, who additionally chairs the grocery store chain J Sainsbury.

Mr Scicluna, who has chaired RSA since 2012, is predicted to step down subsequent 12 months, in keeping with sources.

Metropolis insiders mentioned that one of many contenders to switch him was Baroness Fairhead, the previous commerce minister, who was not too long ago named chair of the listed industrial group Electrocomponents.

The search course of is at a comparatively early stage, with an announcement considered unlikely till subsequent 12 months.

Different candidates are within the body for the job in addition to Baroness Fairhead, whose different earlier roles embrace 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 resolution 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.

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