LV appoints ex-Bupa boss David Hynam as its new chief executive
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LV names ex-Bupa boss David Hynam as new chief executive of life insurers as he pledges to ‘deliver a real culture of mutuality’
- Hynam replaces outgoing boss Mark Hartigan, who stepped down in July
- He joined Bupa in 2014 before becoming chief executive in 2016
- His appointment marks ‘a new era’ for the mutual, said LV chairman
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Life insurer LV has appointed former Bupa boss David Hynam as its new chief executive in a ‘new era’ for the 179-year-old health insurance company.
Hynam, 51, replaces outgoing boss Mark Hartigan, who stepped down in July, seven months after attempting to sell the historic insurer to private equity.
His decision to resign came as policyholders — who own the company because of its mutual corporation status — prepared to protest at the annual meeting later this year to oust him.
David Hynam replaces Mark Hartigan, who left after trying to sell LV to private equity
Hynam said his priority would be “delivering a true mutual culture” and “the best possible outcomes for our members, advisors and colleagues.”
His appointment follows Hartigan’s resignation after his bid to sell the mutual sale to Bain Capital was voted down by outraged members last December.
LV said Hynam, who has 30 years of experience in retail financial services, was the ideal candidate to help the insurer “build a strong and sustainable future as a mutual life and pension company.”
Chairman Simon Moore said his appointment marked “a new era” for LV.
“David brings a track record of tremendously successful leadership in the insurance industry, while his extensive experience working with distribution partners, intermediaries and brokers fits him perfectly into LV=’s two-way business model,” he said.
“I look forward to introducing David to our AGM in October as his appointment marks a new era for LV=.
“At the AGM I will also be making an unprecedented address directly to our members so that they will be the first to hear about the steps David and I are taking to show that transparency and honesty will be at the heart of our mutual business going forward.”
Hynam joined Bupa in 2014, where he led the transformation agenda for the UK company and led the health clinics division before becoming chief executive in 2016.
During his time at Bupa, he was responsible for the insurer’s pandemic response in the UK, making it the first major health insurer to offer Covid discounts to members and customers.
He previously served as chief executive of Friends Life, before it was acquired by Aviva, and held senior positions at Axa and Barclays.