Direct Line Insurance notes executive reshuffle amid Aviva takeover

Direct Line Insurance Group PLC on Monday provided details on management changes ahead of its takeover by Aviva PLC.

The Bromley, Kent-based car and home insurer agreed to an acquisition bid from the London-based insurance firm back in December.

A condition of the merger was that Direct Line Chief Executive Adam Winslow and Chief Financial Officer Jane Poole step down from the board. As of Monday, both have agreed to do so upon the deal’s completion, which is expected July 1, Direct Line said.

The company added: ‘Both will serve the first two months of their notice period on garden leave, during which time they will remain available for transitional support. They will both then leave employment and receive a payment in lieu of the remainder of their respective notice periods.’

Winslow and Poole are replaced by Jason Storah and Stephen Pond respectively. Storah and Pond are the current CEO and CFO of Aviva’s General Insurance UK&I division. Former chair and current non-executive director of Aviva Ian Clark will be chair of the enlarged company.

Other non-executives from Direct Line are stepping down, though the company suggested it will still be present in the ranks, and will confirm ‘a Direct Line leadership team’ after the deal has closed.

In May, the UK Competition & Markets Authority opened an investigation into the merger, with the first-phase enquiry decision due July 10. As of Monday, Direct Line and Aviva reported that ‘all conditions relating to the receipt of regulatory and antitrust approvals had been satisfied or waived’.

Aviva’s offer is for 257 pence per share, valuing Direct Line at around £3.7 billion. Direct Line shareholders will receive 0.2867 of an Aviva share, 129.7p in cash and up to 5p in dividend payments for each Direct Line share.

Aviva shares were 0.7% lower at 618.40p on Monday afternoon in London, while Direct Line traded down 0.5% at 306.20p.

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