Mark Hodges, the chief executive of Aviva UK Life from 2005 to 2009 and of Aviva UK from 2010 to 2011, has been named as incoming CEO of Swiss Re’s UK closed book business ReAssure.
Effective March 01 next year, the appointment is in time for a potential 2019 initial public offering of ReAssure that’s being explored by Swiss Re. Meanwhile Hodges will leave Centrica Consumer, where he currently serves as chief executive, at the end of February. He will be replaced by company stalwart Sarwjit Sambhi.
“Mark’s previous career was in insurance and financial services and, after delivering significant underlying improvement in the performance of Centrica’s consumer division against a very challenging environment, he has been offered the rare opportunity to lead a new company in a sector where he has spent the majority of his career,” said Centrica in its announcement on the same day Hodges’s move to ReAssure was revealed.
“Given sufficient time for an orderly transition, the company has waived the remaining part of Mark’s 12-month notice period.”
Upon his return to insurance, Hodges will steer the Swiss Re unit on its journey as an independent listed closed book consolidator. The industry veteran, prior to joining Centrica, was the group CEO at specialist insurance broker Towergate Partnership.
“We are very pleased to have Mark Hodges as the new CEO for ReAssure,” commented Swiss Re Life Capital chief executive Thierry Léger. “He combines strong leadership skills with deep industry knowledge. I am confident that he is the right person to lead ReAssure through the next stage of its development into an even more successful future.”