Life insurer LV has appointed former Bupa boss David Hynam as its new chief executive in a ‘new era’ for the 179-year-old mutual.
Hynam, 51, replaces outgoing boss Mark Hartigan, who stepped down in July, seven months after trying to sell the historic insurer to private equity.
His decision to stand down came as policy-holders – who own the business due to its status as a mutual – were preparing to stage a protest at its annual meeting later this year to oust him.
David Hynam replaces Mark Hartigan, who left after trying to sell LV to private equity
Hynam said his priority would be to ‘deliver a true mutual culture’ and ‘the best possible outcomes for our members, advisers and colleagues’.
His appointment follows Hartigan’s resignation after his attempt to sell the mutual to Bain Capital was voted down by furious members in December last year.
LV said Hynam, who has 30 years experience in retail financial services, was the ideal candidate to help the insurer ‘to build a strong and sustainable future as a mutual life and pensions business’.
Chairman Simon Moore said his appointment marked ‘a new era’ for LV.
‘David brings with him a track record of hugely successful leadership in the insurance sector, while his extensive experience working with distribution partners, intermediaries and brokers, means he is a perfect fit for LV=’s mutual business model’, he said.
‘I look forward to introducing David at our AGM in October, as his appointment marks a new era for LV=.
‘At the AGM I will also give an unprecedented address directly to our members so that they are the first to hear about the steps David and I are taking to demonstrate that transparency and fairness will be at the heart of our mutual business going forward.’
Hynam joined Bupa in 2014, where he led the transformation agenda for the UK business and ran the health clinic division before becoming chief executive in 2016.
During his time at Bupa, he was responsible for the insurer’s pandemic response in the UK, making it the first major health insurer to offer a member and customer Covid rebate.
Prior to this, he was chief executive of Friends Life, before it was acquired by Aviva, and held senior roles at Axa and Barclays.
