RSA Insurance has reportedly begun working with recruiters to replace current chair Martin Scicluna, after he announced his intention to step down.
According to Sky News, Scicluna who has chaired RSA since 2012, is expected to resign next year. Sources close to the outlet revealed that one of the potential new heads is Baroness Fairhead, the former trade minister, who was recently named chair of the listed industrial group Electrocomponents.
The search process is said to be in the early stages and an announcement is unlikely to be made until next year.
It follows reports by Sky that the group had trouble “cancelling its dividend” in April following debates with the Prudential Regulation Authority as the Covid-19 crisis worsened in the UK.
It has also been reported by the news source that the company is involved in the FCA’s investigation of many national insurance groups over a decision to not pay out thousands of claims from small businesses which saw their operations stalled by Covid-19.
Insurance wire has contacted the RSA for a comment.