Canada Life has announced that current non-executive director, Andy Watson, is to become the group’s new chairman for the UK.

This comes as Derek Netherton will step down from the role later this year after 10 years at the helm.

Watson qualified as an actuary in 1989 and worked in the insurance sector for Direct Line, Co-operative Financial Services, RBS, HSBC and as CEO of Ageas UK, before retiring from the role to start a portfolio career.

He said: “I look forward to taking over from Derek later this year and thank him for his excellent leadership. I have admired his stewardship of Canada Life and its’ board since joining the company as a non-executive director. We have even further ambition for Canada Life in the UK – it’s a great organisation and a great time to be appointed as chair.”

Canada Life UK CEO, Lindsey Rix, added: “I would like to thank Derek for his direction as he steered the business through an ever-changing economic and regulatory landscape over the past decade while overseeing the company grow from strength to strength. All of us here at Canada Life wish him all the very best for the next challenge.

“I am delighted to welcome Andy as incoming chairman, having joined the board 18 months ago. Andy brings a wealth of experience with a strong customer focus and wide market experience, and I look forward to working with the Board and UK executive to deliver our strategic priorities and purpose.”

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