As part of the preparation towards a potential initial public offering (IPO) of ReAssure, Swiss Re announced it has appointed Mark Hodges, currently chief executive officer of Centrica Consumer division, as new CEO of ReAssure beginning in March 2019.
The company said Hodges “will steer the ReAssure business through the anticipated IPO in 2019 and will lead its next phase of expansion as an independent listed closed book consolidator.”
Originally founded in 1963, ReAssure is a UK life and pension company that buys and manages closed business books from other companies. In August, Swiss Re announced that it will discover a potential ReAssure IPO in 2019 to benefit from potential opportunities in the market in the medium term. The company said it is important that ReAssure access to important new capital to obtain additional closed books.
In October, the Japanese insurance group, MS & AD Insurance Group Holdings, agreed to buy 5 percent of ReAssure in a deal valued about 3.5 billion liras ($ 4.6 billion).
Hodges joined ReAssure with twenty years of experience in leadership in UK insurance companies. At Centrica, Hodges made significant changes focusing on providing services to customers and reducing costs. Before joining Centrica, he served as the group CEO of Towergate Partnership, an expert insurance broker. Previously, she spent 20 years with Aviva, and served as a board member of Aviva between 2009-2011, Aviva was CEO of UK between 2010-2011, and between 2005-2009 she was the CEO of Aviva UK Life.
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