Phil Vermeulen has been appointed as EY’s new EMEIA insurance leader. Credit: EY.

Multinational professional services company EY has announced the appointment of Phil Vermeulen as its new EMEIA insurance leader, effective immediately.

Vermeulen succeeds Peter Manchester, who has been leading EY’s European insurance business since 2017 and will retire later this year.

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In his new role, Vermeulen will hold responsibility for a quarter of EY EMEIA Financial Services revenues across 18 markets, more than 700 partners and 17,500 employees.

He will also play a major role in the EY EMEIA Financial Services leadership team.

Vermeulen, who joined EY in 2004, became a partner at the company in 2011.

He has also been serving as the Global IFRS 17 Leader since 2017.

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Vermeulen has more than 20 years of experience in finance, risk, regulatory and actuarial change programmes.

EY EMEIA Financial Services Leader Omar Ali said: “I am delighted that Phil is our new European Insurance Leader, building on the growth and success of recent years.

“Phil has deep sector knowledge and clear leadership qualities which give me confidence he will seamlessly continue to deliver for our insurance clients. The European insurance market is transforming, and our European financial services business is focused on supporting our insurance clients on this journey.

“Phil is a proven leader and brings expertise in advising some of the world’s largest insurance groups on highly complex and strategic matters.”

The latest development comes after EY entered a strategic partnership with FINEOS to advance smart digital transformation for insurance carriers serving the life, accident and health sector.