TESCO Bank has confirmed that Gary Duggan will take on the dual roles of interim chief executive of Tesco Underwriting and interim chief insurance officer at Tesco Bank, subject to regulatory approval.
The bank completed its acquisition of Ageas UK’s stake in Tesco Underwriting in May, creating an end-to-end insurance business that is “uniquely positioned to help Tesco shoppers protect their cars and homes”.
Edinburgh-based Tesco Bank acquired Ageas’s 50.1 per cent stake for £123 million, which included reimbursement of a £21m internal loan.
The acquisition was funded from Tesco Bank’s cash reserves and strengthens it presence in the Scottish banking where well over 2,000 of its 4,000 employees are based.
The bank’s centres are in Edinburgh, Glasgow and Newcastle, and at another location in Reigate, Surrey.
Replacing Steve Kingshott who is leaving the business, Mr Duggan has spent his career in banking and insurance and is currently a senior adviser at Oxbow Partners, a European insurance consultancy. His appointment will run for at least 12 months.
He was previously the chief executive of Saga Services, leading the firm’s insurance broking and personal finance business, from 2017/20. Prior to this Mr Duggan was managing director of Junction, the UK’s largest general insurance partnership business, and also chief executive of Broker Network and Paymentshield at Towergate.
During his career he has also worked for Barclays, GE and HBOS.
Gerry Mallon, Tesco Bank’s chief executive, said Mr Duggan’s “wealth of experience in banking and insurance will be invaluable to us, our customers, and our partners”.
“Tesco Bank’s acquisition of Tesco Underwriting earlier this year underlines our commitment to the insurance market and our strategy of focusing on propositions which better meet the needs of Tesco shoppers,” Mr Mallon noted.