Richard Heppell has been appointed as chief financial officer of Britannia P&I, one of the largest protection and indemnity insurers.
Heppell will work alongside current CFO Philip Whittaker for an initial transition period.
Whittaker has been filling the role on a temporary basis following the retirement of Jo Rogers.
The plan is for Whittaker to return to his previous role as chief operating officer once the transition is complete.
Heppell is a chartered accountant with 30 years' experience working in senior positions within the insurance industry. He was previously employed as CFO at MS Amlin and held the position of group finance manager at Japan's Mitsui Sumitomo Insurance Group.
Heppell said he wants to “play a key role in helping the club maintain and develop its financial strength and further improve services to members”.
According to its latest figures, Britannia is the second wealthiest P&I mutual with free reserves of $449m after earning a net income of $37m in the last policy year.
It has a further $177.8m in financial assets held in its Bermuda-based reinsurance company, Boudicca. S&P Global Ratings has given Britannia an "A" stable rating. Britannia returned $20m to members in October last year.
Chief executive Andrew Cutler said: “Richard brings a wealth of experience having held several senior financial positions in the insurance industry which will be of great benefit to our business and to our members.”
