Beazley appoints former Phoenix head chair

Clive Bannister, who spent nearly a decade at the helm of Phoenix, becomes chair designate and non-executive director with immediate effect. He replaces former chair David Roberts, who stood down last autumn to become chair of the Court of the Bank of England.

He will take up the role at Beazley’s annual general meeting on 25 April.

Christine LaSala, interim chair, said: "I have been impressed throughout the search process by the positive and consistent interactions with Clive, with credentials, career track record and his enthusiasm to take up the role."

Prior to joining Phoenix, Bannister spent 17 years at HSBC Group, where he held a variety of roles including chief executive of HSBC Private Banking and group manging director of insurance.

He is currently chair of both Rathbones Group, the wealth management firm, and the Museum of London.

Bannister said: "Beazley has an outstanding reputation for innovation and delivering shareholder value. I am looking forward to working with the board and management team to continue this performance in the years to come."

Last year, Bannister was widely reported to be a favoured candidate to become the next chair of the Competition and Markets Authority, but lost out to Marcus Bokkerink.