Ex-Towergate and Aviva boss Mark Hodges joins ReAssure for IPO
Swiss Re-owned firm anticipates IPO in 2019.
Mark Hodges is leaving his post as boss of British Gas to become the new CEO of Swiss Re-owned ReAssure on 1 March 2019.
Hodges had been the chief executive at energy firm Centrica Consumer, the owners of British Gas, since June 2015.
Prior to this Hodges was the leader of Towergate from 2011, when he replaced Andy Homer as group CEO, until his sudden departure in October 2014.
The following month Towergate put itself up for sale and the distressed business, which had often been touted as readying for an IPO, was eventually bought by the unsecured creditors going on to become part of Ardonagh Group.
IPO
Before Towergate Hodges spent over 20 years at Aviva including being CEO of Aviva UK from 2010-2011 and CEO of Aviva UK Life from 2006-2010.
ReAssure is a life and pensions company which buys and administers closed books of business from other companies. It has over 2.3m policies on its books and looks after investments of over £44bn for customers.
Swiss Re announced in August that it would explore a potential IPO of ReAssure in 2019.
At that time Swiss Re stated given the size of potential opportunities expected to come up in the market over the mid-term, it was important for ReAssure “to have access to substantial new capital to acquire additional closed books”.
It described the closed book consolidation market as “an attractive growth area” and confirmed it expected to remain a significant investor in ReAssure.
In the latest update the business noted that Hodges will steer ReAssure “through the anticipated IPO in 2019 and will lead its next phase of expansion as an independent listed closed book consolidator”.
Leadership
Swiss Re Life Capital CEO Thierry Léger, said: “We are very pleased to have Mark Hodges as the new CEO for ReAssure.
“He combines strong leadership skills with deep industry knowledge.
“I am confident that he is the right person to lead ReAssure through the next stage of its development into an even more successful future.”
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