Back in March of this year, Admiral Group plc (Admiral) announced that Milena Mondini de Focatiis has been promoted to group CEO-designate, lining her up to take over from retiring co-founder and chief executive David Stevens. Today the insurer has revealed the competition of a successful handover to duties to Mondini de Focatiis with Stevens set to retire from his position and as a director of Admiral on 31 December 2020.
In a press release, Admiral revealed that Stevens will continue to work for the insurer in a part-time capacity, providing consultancy support on risk selection and operating as a board member of Admiral Financial Services Limited.
Commenting on Steven’s impending retirement Annette Court Admiral Group chair, noted the “immeasurable impact” that he has had on the group. Stevens, who co-founded Admiral in 1991, has contributed enormously to all the elements that set the business apart, she said, including underwriting, product innovation and the unique Admiral culture.
“We are delighted that David has agreed to continue to work for the group in a part-time advisory capacity focusing on risk selection, financial services and diversification,” she said. “The CEO transition has gone very smoothly. Milena is deeply embedded in the Admiral culture with an entrepreneurial spirit, excellent people development skills, and a strong commercial track record having founded the Group’s Italian insurer, ConTe, and further strengthened the Group’s other European businesses.”
Court noted that Admiral’s incoming CEO will lead a very strong and experienced management team which is well-positioned to build on Steven’s work and develop an even strong Admiral going forward.