ICAP has appointed Stuart Bridges, an insurance veteran and long-standing chief financial officer at Hiscox, as group finance director, the world’s largest interdealer broker said.
Bridges will remain at Hiscox, the Lloyd’s of London insurer where he has been CFO since 1999, until 31 August, and a search for his successor has begun.
His appointment as successor to Iain Torrens, who left ICAP last year to join TalkTalk, is subject to FCA approval. Bridges will be based in London and report to CEO Michael Spencer.
“We are focused on investing further in expanding our product portfolio and services into areas where we see potential and redeploying our energies on our market leading assets. Stuart will be a key part of the management team that will drive forward our strategy,” Spencer said.
Briedges joined Hiscox when the group had gross written premiums of £241m and shareholder funds of £185m. In 2014, the insurer reported gross written premium of £1,8bn and shareholder funds of £1,5bn. During this time, its market capitalisation has risen from £240m to £2.5bn and delivered a total shareholder return of 16.1% per annum.
Robert Childs, chairman, Hiscox, said:”Stuart has made a major contribution to the strategic and financial evolution of Hiscox. His steadiness under fire, particularly demonstrated in the aftermath of the terrible events of 9/11, testing hurricanes in 2005 and the financial crisis, has been of immense value to the group.”
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