Martin Thomas steps down as Lancashire chairman

Lancashire prepared to bid farewell to its chairman of almost a decade on Thursday, with the announcement that Martin Thomas was to step down after the annual general meeting, having been in the role since 2007.

The FTSE 250 company - which also released its annual results - said it had decided to appoint current director Peter Clarke as his successor. Clarke initially joined the Lancashire board as an independent non-executive director in June 2014, and was previously the chief executive of Man Group.

"It has been a privilege and a pleasure to have led the board of one of the most successful insurance companies of the 'class of 2005', and one of the most successful financial services companies across the financial crisis," said Martin Thomas.

"I am proud to have helped build and to have worked with a board, management team and business which demonstrate the real commercial benefits of a broad diversity," he added.

Peter Clarke said that, having served as a director for over a year, it was a pleasure to now take on the chairmanship.

Chief executive Alex Maloney thanked Martin for what he saw as constructive challenge, strategic insight, diplomatic skills, and personal support, humour and encouragement.

"Martin has made a major contribution to Lancashire's success during his long stewardship of the Lancashire board. I would also like to thank Peter for agreeing to lead our board," Maloney said.