New CEO takes helm at Admiral as Stevens steps down at year-end

Milena Mondini de Focatiis has officially taken over as the new chief executive officer (CEO) of UK insurer Admiral Group, with outgoing CEO and co-founder David Stevens set to retire at the end of the year.

Earlier in March, the company announced that Stevens will step down from his position and as director of Admiral Group on December 31, 2020, fully handing over his duties to CEO designate de Focatiis.

Stevens will, however, continue to work for Admiral in a part-time capacity, providing consultancy support on risk selection and as a board member of Admiral Financial Services.

Chair Annette Court said: "David co-founded Admiral in 1991 and has had an immeasurable impact on the Group. He has contributed enormously to all the elements that make Admiral so special and successful, including underwriting, product innovation, the unique Admiral culture and much more.

"We are delighted that David has agreed to continue to work for the Group in a part-time advisory capacity focusing on risk selection, financial services and diversification.

She added that the CEO transition has gone smoothly. "Milena is deeply embedded in the Admiral culture with an entrepreneurial spirit, excellent people development skills, and a strong commercial track record having founded the Group’s Italian insurer, ConTe, and further strengthened the Group’s other European businesses. She will lead a very strong and experienced management team that is ideally positioned to take forward David’s work and to build an even stronger Admiral for the future."