Big Four accounting firm appoints new European insurance leader

Big Four accounting firm  EY has appointed a new European insurance leader, who will be responsible for overseeing a quarter of its EMEIA financial services revenues, which span 18 markets, more than 700 partners, and a workforce of 17,500.

Phil Vermeulen (pictured) has been named new EMEIA insurance leader. Vermeulen takes over from Peter Manchester, who has led the European insurance business since 2017, and is set to retire from the partnership later this year.

Under Manchester’s leadership, the company said, EY grew to become a “market-leader in European insurance and achieved record revenue growth”.

Vermeulen joined EY in 2004 and was made partner in 2011. He is currently the Global IFRS 17 leader, a position he has held since 2017, and manages one of the firm’s most important insurance clients globally. Vermeulen has over 20 years of experience leading finance, risk, regulatory and actuarial change programmes for European insurance groups.

Omar Ali, EY EMEIA financial services leader said: “I am delighted that Phil is our new European Insurance Leader, building on the growth and success of recent years. Phil has deep sector knowledge and clear leadership qualities which give me confidence he will seamlessly continue to deliver for our insurance clients. The European insurance market is transforming, and our European financial services business is focused on supporting our insurance clients on this journey. Phil is a proven leader and brings expertise in advising some of the world’s largest insurance groups on highly complex and strategic matters. I look forward to working closely together.

“I would also like to pay tribute to Peter for his leadership and dedication to helping our clients and our people.”

Vermeulen commented: “I am thrilled to be leading the team I joined as a junior actuary almost two decades ago. Whilst the core of EY’s talented and dedicated insurance business rightly remains unchanged, so much of what we do to support our clients innovate and achieve sustainable growth of course has. Now is a pivotal moment for Europe’s insurers, operating in volatile times, with large-scale transformation ahead for many. My focus will be on ensuring we meet the needs of the industry and its stakeholders, while providing exceptional opportunities for our teams to develop their skills and have impact.”

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