Chief executive Richard Rowney to quit LV
The head of Liverpool Victoria has resigned, just months after overseeing the sale of the friendly society’s general insurance business to Allianz.
Chief executive Richard Rowney has stepped down with immediate effect and will leave the society after 13 years on 31 December.
Alan Cook, chairman, said: “The board and Richard have agreed that the time is right for him to step down.
“[He] has served LV’s members, customers and stuff with great distinction over the last decade, and I thank him for all he has achieved.”
Rowney said: “After 13 memorable years with LV, and the successful sale of general insurance business to Allianz, now felt like the appropriate time to step aside and seek a new opportunity outside of the society.”
Under Rowney’s leadership, LV – which traces its roots back to 1834 – has refocused away from general insurance to become a dedicated life and pensions provider for the lower-risk, advice-led, mass affluent market.
In May, it was announced that Allianz would pay £578m for the 51% of LV General Insurance it did not already own, part of a significant move into the UK insurance market by the German giant; at the same time Allianz confirmed a £242m deal to acquire Legal & General’s general insurance business.
Allianz is now the second biggest general insurance business in the UK behind Aviva, with a 9% market share.
Under Rowney, LV has also sought and received approval from members to convert from a friendly society to a company limited by guarantee, the process of which is scheduled for completion by 2020.
Cook, who will assume interim executive chair responsibilities, said the process to appoint a new chief executive was expected to be concluded “before the end of the year”.