Sir Richard Dearlove, former head of the British Secret Intelligence Service (MI6), will be the next chairman of the Lloyd's syndicate Ascot Underwriting, the firm announced.
Ascot said Sir Richard has links to the insurance industry through his membership with the International Advisory Board of New York-based American International Group. Ascot is backed by AIG.
Sir Richard's formal appointment to his new post will come on Nov. 28 at the next board meeting, Ascot said. He will take over from current Chairman Lord Prior, who has been in the post since Ascot began trading in 2001.
Ascot Chief Executive Martin Reith said Sir Richard "is a remarkable communicator and brings with him an enviable network of contacts and vast management experience from his time in the intelligence service, during which time he rose to the very top.
"I would also like to extend my thanks to Lord Prior, who has been with us from the very start. He has been a tremendous source of help and guidance both to the business and to me, personally."
Sir Richard began with M16 in 1966 and served as chief from 1999 until his retirement in 2004.
Ascot's main syndicate classes are property, energy, specie and fine art, cargo, terrorism, war and political risks, marine hull/war/liabilities and excess of loss reinsurance.
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