Flood Re, the joint initiative between the UK Government and the insurance industry, has announced its Chief Executive Officer, Andy Bord, will step down at its Annual General Meeting (AGM) in July 2024.
The Board has appointed Stuart Logue, the current Chief Financial Officer (CFO), as interim CEO effective from July 18, 2024, as they select a permanent successor. Bord will continue as a strategic adviser to the Board over the next few months to ensure a smooth transition.
Over the last seven years, Bord has delivered transformative results on the company’s mission to make home insurance affordable and available for households at risk of flooding, Flood Re highlighted.
Under his leadership, Flood Re has enabled more than 550,000 households to access affordable home insurance while launching the Build Back Better (BBB) initiative, which enhances the resilience of homes affected by flooding.
Bord stated, “I am immensely proud of what Flood Re has achieved during my tenure. In the face of climate change, high inflation and cost-of-living pressures, our work has never been more critical. The world-first Build Back Better initiative we introduced is already delivering improved flood resilience for hundreds of homes and helping the country to prepare for the future.
“I believe that having overseen the arrival of a new Chair, successfully introduced BBB and created the right platform to place the largest natural catastrophe reinsurance programme in Europe, that this is the right time to hand over the reins. It has been a privilege to lead this organisation and I am confident in its continued success.”
Bridget Rosewell CBE, Chair of the Board, concluded, “The Board expresses its immense gratitude to Andy for his outstanding service and leadership. Flood Re would not be the success it is today without his strategic direction and careful management for the last seven years.
“Flood Re plays a crucial role in supporting the flood insurance management and victims of flooding, and Andy has played a central role in its development. Stuart’s extensive experience and deep understanding of Flood Re’s operations will ensure continuity and stability. Our robust selection process will ensure that we find the best candidate to continue the important work of Flood Re.”
