LV names former Bupa boss David Hynam as the life insurer’s new CEO, vowing to “deliver a true mutual culture”
- Hynam replaces outgoing boss Mark Hartigan, who resigned in July.
- Joined Bupa in 2014, before becoming CEO in 2016
- His appointment marks “a new era” for the mutual, said the president of LV
Life insurer LV has appointed former Bupa boss David Hynam as its new chief executive in a ‘new era’ for the 179-year-old mutual.
Hynam, 51, replaces outgoing boss Mark Hartigan, who resigned in July, seven months after trying to sell the storied insurer to private equity.
His decision to walk away came as policyholders, who own the business due to his mutual status, were preparing to stage a protest at their annual meeting later this year to fire him.
David Hynam replaces Mark Hartigan, who left after trying to sell LV to private equity
Hynam said her 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 attempt to sell the mutual to Bain Capital was rejected by angry members in December last year.
LV said Hynam, who has 30 years’ 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 business.”
Chairman Simon Moore said his appointment marked “a new era” for LV.
“David brings with him a track record of hugely successful leadership in the insurance sector, while his extensive experience working with distribution partners, intermediaries and brokers means he is a perfect fit for LV=”‘s mutual business model,” he said.
‘I look forward to introducing David at our General Shareholders’ Meeting in October, as his appointment marks a new era for LV=.
“At the AGM I will also be giving an unprecedented speech directly to our members so they will be the first to know about the steps David and I are taking to show that transparency and fairness will be at the core of our mutual business going forward.” .
Hynam joined Bupa in 2014, where he led the transformation agenda for the UK business and led the health clinic division before becoming CEO 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 a Covid reimbursement to a member and customer.
Prior to this, he was CEO of Friends Life, before it was acquired by Aviva, and held senior roles at Axa and Barclays.
