Direct Line appointed a new chief financial officer today, as it seeks to move on from its recent rejection of a £3.1 billion takeover bid for the FTSE 250 insurer.
Jane Poole will join from Aviva, where she has been the CFO of the FTSE 100 firm’s UK and Ireland general insurance business since 2021.
She will take over from Neil Manser. He had been in post since January 2021 and worked for Direct Line for ten years before that, including a leading role in the company’s stock market floatation in 2012.
The reshuffle comes weeks after the Bromley-based firm rebuffed the approach in February from Belgian rival Ageas, an offer it branded “opportunistic”.
The bid followed a turbulent 2023 for Direct Line, which issued a profit warning and axed its dividend in January that year. It led to the sudden departure of its chief executive, Penny James.
Her permanent replacement, Adam Winslow, took up the job last month after acting CEO Jon Greenwood ran the firm on an interim basis.
Direct Line’s problems in 2023 came after a rise in the cost of car repairs after problems and delays in the supply chain for vehicle parts and higher prices for second-hand cars. It was also hit by a rise in weather-related payouts.
It also admitted to a pricing error that year, which meant it had to pay out £30 million in compensation to customers it overcharged when they renewed their car or home insurance.
Dropping the dividend sent a high profile signal about the firms problems, and stoked speculation that a buyer could swoop for the £2.4 billion company, not least with valuations on the wider London Stock Exchange already seen as relatively low for international suitors.
Ageas’s bid was worth around £3.1 billion in total. Direct Line’s rejection was forthright, calling the offer “ uncertain, unattractive, and ... significantly undervalued”. It also said it planned cuts to save £100 million a year in a shift toward digital operations..
Jane Poole, said today: "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.”
Direct Line’s chair, Danuta Gray, called Poole’s experience “impressive” and pointed to her “enviable record of success in leading teams in personal and commercial lines insurance”.
Poole will make the move in October, with Manser staying on in the meantime.
