Tesco Bank appoints Gary Duggan as CEO for underwriting business
Tesco Bank has appointed Gary Duggan as the new interim CEO for its underwriting business, as well as interim chief insurance officer.
Duggan joins the UK bank from Oxbow Partners, a London-based insurance consultancy firm. Prior to this he spent two years as CEO of Saga Services.
Before Saga he was managing director of Junction, which claims to be the UK’s largest general insurance partnership business.
Duggan also spent 5 years at Barclays Bank, leaving as chief retail officer for new markets in December 2012.
His appointment is due to take effect on 5 July, subject to regulatory checks and approval. He’ll be in his post for 12 months. Duggan replaces Steve Kingshott.
Gerry Mallon, Tesco Bank CEO, says Duggan has a “wealth of experience in banking and insurance” which will be “invaluable” to the firm.
“Tesco Bank’s acquisition of Tesco Underwriting earlier this year underlines our commitment to the insurance market and our strategy of focusing on propositions which better meet the needs of Tesco shoppers.”
Tesco Underwriting was wholly acquired by the UK lender in May after buying out the 50.1% stake owned by Belgian multinational Ageas.
The bank says it made its move to create “an end-to-end insurance business” focused on home and auto insurance.
Tesco Bank spent £123 million on the acquisition, including reimbursement of a £21m internal loan.