Clive Bannister hired as chair designate of Beazley

Insurance firm Beazley has named Clive Bannister, the former boss of Phoenix Group, as its chair-designate with immediate effect.

Mr Bannister is set to assume his role at the conclusion of the insurer’s annual general meeting on 25 April.

Industry veteran Mr Bannister, who led Phoenix for nine years, is currently chair of British fund manager Rathbones Group and the Museum of London.

Mr Bannister, 64, also held management roles at HSBC Group, where he was the chief executive of HSBC Private Banking.

He will replace interim chair Christine LaSala, who was appointed to the role after David Roberts stepped down in October last year. Mr Roberts stood down to become chair of the Court of the Bank of England.

Mr Bannister, said: ‘Beazley has an outstanding reputation for innovation and delivering shareholder value. 

‘I am looking forward to working with the board and management team to continue this performance in the years to come.’

Christine LaSala, the group’s interim chair, said: ‘I have been impressed throughout the search process by the positive and consistent interactions with Clive, with credentials, career track record and his enthusiasm to take up the role.’

Last year, Mr Bannister was widely reported to be a favoured candidate to become the next chair of the Competition and Markets Authority, but lost out to Marcus Bokkerink. 

Beazley shares rose 0.67 per cent or 4.50p to 672.00p today, having risen over 38 per cent in the last year. 

In November, Beazley reported a 22 per cent increase in gross premiums for the first nine months of the year and said initial estimated losses from Hurricane Ian would be around $120million.

Beazley reported a market-to-market investment loss of $289million, or 3.6 per cent for the year to date as a result of rising interest rates.

‘Risk assets have also seen weakness, as global equity markets fell by more than 25%. At 30 September, our fixed income portfolio had a duration of 1.9 years and a market yield of 4.6%, which is indicative of the much higher returns we hope to achieve in future periods, once yields stabilise,’ the company said in November.