Direct Line Group has announced that Jane Poole will be appointed group chief financial officer, CFO, subject to regulatory approval.
Poole will join the board in October 2024 and succeed Neil Manser, who has been in the post since January 2021.
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In addition, Poole is an experience CFO and brings extensive general insurance knowledge to Direct Line. Since 2021, she has been CFO for Aviva UK and Ireland’s general insurance business.
Danuta Gray, chair of Direct Line Group, said: “The Board is delighted to welcome Jane Poole as our new Group CFO. Jane has impressive experience in the UK general insurance market and an enviable record of success in leading teams in personal and commercial lines insurance. The Board conducted an extensive search to secure such a high calibre appointee and I am confident that Jane Poole will be a great asset to our organisation. At the same time, I would like to thank Neil Manser for steering the Group through what has been a challenging time and the part he has played in stabilising the business for the future.”
Jane Poole, group CFO designate of Direct Line Group, added: “I am delighted to be joining Direct Line Group as CFO at this important time and motivated to drive business performance to realise the significant potential ahead for the Group. I am looking forward to joining the Board and leading the Finance function as the organisation looks to drive growth, deliver on its commitments to serving its millions of customers and creating long-term sustainable shareholder value.”
In March 2024, Belgian insurer Ageas ended its pursuit for Direct Line Insurance Group, following the rejection of two previous buyout proposals.
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By GlobalDataAgeas initially made a £3.1bn buyout bid for Direct Line in January 2024, which was turned down by the UK insurer for significantly undervaluing the company.
The offer comprised 100p in cash and one new Ageas share for every 25.24047 Direct Line shares.
In March, Ageas increased its bid to £3.17bn, offering 120p in cash and one new Ageas share for every 28.41107 Direct Line Group shares, equating to 233p per Direct Line share.
Direct Line dismissed this second proposal too, calling it “highly opportunistic” and “unattractive”.
Throughout the negotiation process, Ageas said it sought to engage with Direct Line’s Board but was unable to identify further elements from publicly available information that would warrant a substantial revision of the offer terms.
Ageas noted that it remains confident in the potential of the UK personal lines sector and the role of Ageas UK in the market.
