Direct Line poaches Aviva’s Adam Winslow to be its new chief executive officer

The company is currently led by acting chief Jon Greenwood, after previous CEO Penny James stepped down in January.

It comes after the company saw profits slide last year and cautioned in May that its earnings outlook remained “challenging” due to the soaring cost of claims.

It had reported a 19 per cent jump in the average cost of motor renewal premiums over the start of the year, leading to a fall in policies.

The motor and home insurance firm said Mr Greenwood will work with the new chief when he joins before stepping back to “pursue other opportunities”.

The new boss will receive an annual salary of £820,000 and a pension allowance of 9 per cent of his salary.

Danuta Gray, chairwoman of Direct Line Group, said: “The board is delighted to announce that Adam Winslow is to be our new CEO.

“Adam has deep expertise in the UK general insurance market and significant leadership experience, spanning two decades across personal and commercial lines insurance.

“The board conducted an extensive search and Adam Winslow stood out for his strategic understanding of the sector, outstanding track record of leading high performing businesses and his focus on driving operational excellence to consistently meet customer needs.”

Mr Winslow said: “Direct Line Group is one of the UK’s leading insurers with some of the most recognisable brands in the retail and commercial market.

“It’s a privilege to be invited to lead Direct Line into the future, particularly given its rich heritage and passion for serving its millions of customers.”

Shares in Direct Line moved higher as a result in early trading.

As a result of Mr Winslow's departure, Aviva has appointed Jason Storah as the new CEO of its UK & Ireland General Insurance arm – with the executive moving from Canada to take up the role.

Mr Storah is currently CEO of Aviva Canada, a role he has held for four years.

He said: “It’s a huge honour and responsibility to be asked to lead the UK and Ireland General Insurance business.

"I will miss everyone in Canada, but I know the team and business will continue to go from strength to strength.”

Tracy Garrard will succeed him as CEO of Aviva Canada.

Her most recent role has been as CEO of AXA’s UK Healthcare business.

She said: “I feel very privileged to be joining Aviva at such an exciting time. I look forward to meeting the team in Canada, and I am relishing the opportunity to join a business so focussed on customers, and shooting for even further growth in this fantastic franchise.”