Covea Insurance appoints new CEO and board chairman

Covéa Insurance Plc, the UK underwriting business of leading French mutual insurance group Covéa, has appointed Georges de Macedo as its new CEO, while Chris Moat will take over as chairman of the board of directors.

Macedo takes over with immediate effect from Adrian Furness, who has decided to step back after nearly 30 years as chief executive.

Having held senior positions within international groups and with more than 15 years of experience in the insurance industry, Macedo is “well placed” to lead Covéa in the UK, according to a Covéa press release.

“Adrian has been with Covea since 1995,” the release said. “We would like to thank him for his continued commitment and contribution to the business over this time.”

“I am delighted to take the lead of Covéa activities in the UK and honoured by the trust the Board of Directors has placed in me,” Macedo said.

“The executive committee and I are determined to accelerate the transformation of Covéa Insurance and to seize new opportunities in both personal and commercial insurance markets.

“The DNA of Covéa Insurance is to serve our clients and I firmly believe that we are well-positioned to meet the demands of all stakeholders, thanks to our high-quality service and extensive talent pool. In addition, the company benefits from the financial strength of the Covéa Group.”

Meanwhile, Thierry Francq will hand over the chairmanship of the board to Moat, as of 1 July, subject to PRA approval.

Moats has been running as an independent non-executive director for Covéa since March 2021. Francq remains a member of the board of directors.

“On behalf of the board, I warmly thank Adrian for his commitment and dedication to Covéa,” said Francq. “We wish him all the very best for the future. The board of directors and our shareholders are confident that Georges has all the qualities necessary to guide the company going forward and build on its strengths. We wish him every success.”

 “I congratulate Georges in his new role as CEO. Against a challenging macroeconomic environment, the company is focused on delivering an ambitious transformation agenda,” said Moat.

“I look forward to taking up the position of chair from Thierry, and to working with the new executive team and my board colleagues in the delivery and development of this agenda, which will build on the company’s strengths.”

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