Simon Lee is to take up the position of group chief executive of RSA on 1 November, following the earlier announcement of Andy Haste’s intention to step down.

Simon Lee joined RSA in 2003 and was appointed to the board in 2007. He is currently responsible for operations in Canada, Scandinavia, Ireland and Italy. He also has had responsibility for the Latin American and Asian and Middle Eastern operations. Prior to joining RSA, he worked for the NatWest Group, where he was chief executive of NatWest Offshore and head of US retail banking.

Outgoing chief executive, Haste, said: "It has been a privilege to lead RSA over the last eight years. I'm very proud of what we as a team have achieved. RSA is well placed to deliver continued growth and superior returns. The business is in good shape with exciting prospects, firmly focused on growing our International and Emerging Markets regions and developing our strong UK franchise.

"With the team we have turned around the performance of the group, exiting non-core businesses and markets, reinvesting in our key operations, rebuilding the balance sheet and delivering sustainable, profitable performance with strong growth and returns. It has been a hard decision to leave but now is the right time for me to hand over the reins and in Simon I am delighted that we have a very able successor who will continue to drive the business forward."

Lee, added: "I am ready to take up the challenge and continue our track record of delivering profitable growth and superior shareholder returns. Our focus on targeted growth, underwriting discipline and delivering an excellent service for our customers has underpinned our success and will remain the hallmarks of our business. We plan to continue to drive profitable growth across our global footprint."

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