Sir Peter Wood, who founded esure Group in 1999, has stepped down as chair effective immediately.

Taking over the chairmanship is Council of Lloyd’s nominated member Andy Haste, who currently serves as the senior independent deputy chairman at Lloyd’s of London. He is an experienced director who brings a wealth of experience in board leadership, executing change, delivering profitable growth, and increasing shareholder value.

Commenting on his esure role, Haste said: “I’m delighted to become chairman and look forward to helping steer the company through what is a very important period for esure and for the broader insurance industry.

“This is a great business, with a strong management team and an exciting plan to deliver growth in the future. I would like to thank Sir Peter who has an incredible track record as an entrepreneur and founded such a great company.”

Wood’s decision to step down comes as esure finishes its transition into the private sector following the company’s acquisition by Bain Capital.

“Having founded seven insurers in the UK, the US, and Spain, it has been a particular privilege to have founded and guided esure over the past 20 years, creating a great company that I hope and believe will thrive under its new ownership,” stated the former chair, who retains a shareholding in esure.

“Following the change in ownership and establishment of a permanent chief executive in David McMillan, I’ve decided that now is the right time for me to hand over the chairmanship and scale back my responsibilities within esure, allowing me more time to spend on my other interests including GoCompare, Pikl, and my property interests.”