Lloyds gets new director for insurance

Banking group Lloyds have reacted against speculation of a sale of Scottish Widows, by hiring Toby Strauss as their new director for insurance. Mr. Strauss is currently employed with insurance company Aviva as a UK life chief executive officer, his new role will see him take on Scottish Widows and the company’s car and home insurance sector.

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Due to the recent PPI scandal and Lloyds pledge to set aside billions of pounds to cover the cost of compensation, speculation has been rife that the group would have to cut loose Scottish Widows, but appointing a new chief executive should put paid to these rumours. Other changes in the working arrangements for the group include a move for Rosie Harris, who was a divisional risk officer but will now be the managing director of general insurance.

• Are you looking for life insurance or critical illness insurance?.

Chief executive, Horta-Osorio, is pleased with the new appointments, saying; ‘Toby brings extensive experience of the insurance sector and I am very pleased that he has agreed to be part of the team at Lloyds group.’ He went on to say that it was important for Lloyds to encourage talented employees within their company, and added that he was ‘delighted’ with Rosie Harris joining them also. ‘Both of these appointments will enable us to deliver on our longer-term plans.’ Strauss’s new position is still subject to approval from the FSA.

In other areas, Paul Pester – managing director of consumer banking and payments, will take control of 600 branches and a share in the company’s mortgage service – Project Verde. Mr. Pester will be chief executive officer for the project, which Lloyds hopes will grow to be the seventh largest bank in the UK in time. His new superior, Alison Brittain will be joining the bank in September, along with several other members making up the team in charge of Project Verde; Darren Pope, Helen Rose, Neeta Atkar and Peter Navin. Mr. Horta-Osorio is looking forward to the new team and hopes that ‘this will bring significant retail and commercial banking experience to create what will be a well-capitalised bank and a strong competitor to the other UK banks and building societies.’

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