French mutual insurance group Covéa’s UK underwriting arm Covéa Insurance has appointed Georges de Macedo as its new CEO, effective immediately.

Macedo has also been appointed as the CEO of Covéa Life and Covéa Insurance Services, subject to the approval of the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).

His appointment comes after Adrian Furness took the decision to resign as CEO of Covéa UK businesses and exit the firm.

Prior to the latest appointment, Macedo worked in various senior roles at different international firms. He has more than 15 years of experience in the insurance market.

Macedo said: “The executive committee and I are determined to accelerate the transformation of Covéa Insurance and to seize new opportunities in both personal and commercial insurance markets.

“The DNA of Covéa Insurance is to serve our clients and I firmly believe that we are well-positioned to meet the demands of all stakeholders, thanks to our high-quality service and extensive talent pool.

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By GlobalData

“In addition, the company benefits from the financial strength of the Covéa Group.”

Furthermore, Chris Moat will assume the position of Covéa’s chairman from Thierry Francq, beginning 1 July 2023. The appointment awaits clearance from the PRA.

Since March 2021, Moat has been serving as an independent non-executive director of the firm.

After handing over the charge to Moat, Francq will continue to hold the membership of the board of directors at Covéa.

Moat said: “Against a challenging macroeconomic environment, the company is focused on delivering an ambitious transformation agenda.

“I look forward to taking up the position of chair from Thierry, and to working with the new executive team and my board colleagues in the delivery and development of this agenda, which will build on the company’s strengths.”