Sabre Insurance Group Plc, which enjoyed a £22.5 million profit after tax in the first half of the year, has named Patrick Snowball’s successor as chairman of the private motor insurance underwriter.
Effective September 01, the current chair is stepping down from the board and will be replaced by senior independent director Andy Pomfret. According to Sabre’s announcement, the appointment has received regulatory approval and comes after an extensive search process.
Lifting the lid on the departure, the UK firm said Snowball advised the board at the start of 2020 that he felt it was time to begin the next stage of succession planning following Sabre’s initial public offering (IPO) in December 2017.
“I have greatly enjoyed my time as chairman of Sabre,” commented Snowball. “With Sabre now successfully established as a listed business, the time is right for me to step away and I am pleased to see Andy appointed as chairman. He has all the skills and experience required for the role and will be a great source of support to the team.”
Pomfret’s credentials include eight years spent as a non-executive director (NED) at Beazley Plc, as well as a decade in his capacity as Rathbone Brothers Plc chief executive. The Chartered accountant was also a founder member of the practitioner panel of the Prudential Regulation Authority.
The incoming chair stated: “I am delighted to be given the opportunity to take on the role of chairman. Patrick oversaw the successful IPO of Sabre and helped the group establish itself as a listed business.
“I am looking forward to carrying on Patrick’s good work with Geoff [Carter] and his team, to ensure the continued success of the business.”
Succeeding Pomfret as senior independent director is NED Rebecca Shelley, who has been a board member since October 2017. Additionally, arriving in September is new NED Michael Koller.
Sabre CEO Geoff Carter, meanwhile, had this to say: “I’d like to thank Patrick personally for all his invaluable support and advice over the last few years. He made a huge contribution during his time as chairman, and the whole board joins me in wishing him well for the future.
“I’m pleased that Andy is becoming the chairman, and I know everyone is looking forward to working with him in his new role.”