Former Royal Bank of Scotland chief executive Stephen Hester has been appointed group chief executive of RSA Insurance Group.
Hester announced he would be leaving the bank last June.
He will take over from chairman Martin Scicluna who had been operating in the chief executive role temporarily following the resignation of Simon Lee in December.
RSA announced at the end of last year it was expecting a reduction in revenues following a difficult final quarter that saw the group inject £135m in RSA Ireland to ensure it met solvency targets.
Hester says: “I am delighted to be asked to lead RSA, an organisation with a 300-year heritage. RSA has grown into a global insurer with talented and engaged staff and long-standing partners and customers.
“But the challenges of recent months have demonstrated we have not lived up to our stakeholders’ expectations and performed to our true potential. We have an obligation to deliver shareholder value and excellent products and services that provide everyday protection for our customers.”
Scicluna adds: “I am extremely pleased that Stephen is joining RSA as our new chief executive. He is an exceptional business leader with extensive global financial services expertise. He has an outstanding track record of transforming the performance of businesses, bringing new energy and focus and implementing a challenging agenda to ensure significant value is delivered for customers and shareholders.”