Tesco Underwriting appoints new CEO

Tesco Underwriting has appointed Steve Kingshott as chief executive officer (CEO) of its award-winning motor and home insurance partnership between Ageas UK and Tesco Bank. Steve will join the business on 1 December 2015, subject to PRA approval.

Steve brings with him 25 years’ experience in the financial services industry with roles spanning across RSA and RBS.

The partnership between Ageas and Tesco Bank was extended last year and Tesco Underwriting now has a significant presence in the UK insurance market, serving over 1.2 million Tesco Bank customers and delivering more than £440 million in gross written premiums each year. Steve will be responsible for further developing the business.

Commenting on Steve’s appointment, Karl Bedlow, managing director, Tesco Bank said, ‘At Tesco Bank we are committed to providing the best insurance products we can for Tesco customers. Steve is ideally positioned to lead Tesco underwriting into its next stage of development, and to ensure we continue to offer our customers outstanding value, service and innovation across our motor and home products.’

Andy Watson, CEO, Ageas UK added, ‘Steve’s extensive experience of leading a general insurance business makes him a natural choice for this role. Throughout his career he has held a number of significant and relevant positions that put him in good stead to take Tesco Underwriting through the next phase of growth as a young business.’

Steve Kingshott replaces Geoff Carter who leaves the business at the end of October to take up another position within the industry.