Insurer Direct Line has appointed Aviva executive Jane Poole as its new chief financial officer, joining her old boss as the firm looks to narrow its losses and cut costs.
The company announced on Wednesday that Poole, who is currently the CFO for rival Aviva’s UK and Ireland General Insurance business, would join its board in October.
She will, subject to regulatory approval, take over from Neil Manser, who has been in the position since January 2021. He has worked for Direct Line since 2011, helping steer the company towards an IPO in 2012.
Poole’s appointment comes shortly after Direct Line also poached Adam Winslow, previously chief executive of Aviva’s UK and Ireland General Insurance unit, to be its new CEO.
Since Winslow joined the company last month, Direct Line has already fought a £3.2bn takeover attempt from Belgian insurer Ageas, brought back its dividend and unveiled plans to cut costs by more than £100m per year.
Direct Line is experiencing a difficult period. Winslow’s predecessor, Penny James, announced last January she would step down in the wake of a profit warning on an unexpected rise in weather-related claims. The jump in costs forced the insurer to scrap its dividend.
The firm saw its operating loss widen last year to £189.5m as it battled claims inflation but has sought to reassure investors by outlining plans to save £100m per year by the end of 2025 and raising its net insurance margin guidance to 13 per cent by 2026.
Before joining Aviva in 2021, Poole worked at Royal & Sun Alliance for 15 years, becoming the CFO of its UK & International businesses in 2020.
Danuta Gray, chair of Direct Line, said on Wednesday: “Jane has impressive experience in the UK general insurance market and an enviable record of success in leading teams in personal and commercial lines insurance.
“The board conducted an extensive search to secure such a high calibre appointee and I am confident that Jane Poole will be a great asset to our organisation.”
Poole added: “I am delighted to be joining Direct Line Group as CFO at this important time and motivated to drive business performance to realise the significant potential ahead for the group.
“I am looking forward to joining the board and leading the finance function as the organisation looks to drive growth, deliver on its commitments to serving its millions of customers and creating long-term sustainable shareholder value.”