Over-50 travel and insurance specialist Saga has named a financial services expert as its new chairman.

Patrick O’Sullivan, a former deputy governor of the Bank of Ireland, is to take up the role from May 1.

He replaces Andrew Goodsell, who announced his intention to stand down as Saga chairman in October.

O’Sullivan, who will receive an annual fee of £325,000, has been chairman of financial services conglomerate Old Mutual for eight years and is also chairman of ERS, a Lloyd’s market specialist motor insurer.

He previously spent 12 years at Zurich Insurance Group, where he held a number of roles, including CEO of Eagle Star, CEO of UK General Insurance, group chief financial officer, and vice chairman of the management board.

Orna NiChionna, senior independent director at Saga, said:  “We are delighted to welcome Patrick to the board of Saga. He brings many years of highly relevant commercial and board experience, working with companies in the financial services and insurance sectors.

“His wisdom and leadership will be invaluable as we invest in growing the customer base to deliver profit growth across the business.”

O’Sullivan said: “Saga is a household name and a brand that I admire.

“I am very pleased to be joining at a pivotal moment in the development of the company as it focuses on sustaining profitability and growth across the businesses.

“I look forward to working with management and the Saga board to build on recent investments and initiatives to deliver profitable growth.”

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