Tesco Bank announced the hiring of Gary Duggan as interim CEO and CIO

By Joy Dumasia

Tesco Bank has announced the appointment of Gary Duggan to the roles of interim Chief Executive Officer, Tesco Underwriting, and interim Chief Insurance Officer, Tesco Bank.

Gary has spent his career in banking and insurance and is currently a senior adviser at Oxbow Partners, a European insurance consultancy. From 2017-2020 he was CEO of Saga Services, leading their insurance broking and personal finance businesses. 

Before this, he was Managing Director of Junction, the UK’s largest General Insurance partnership business, and was previously CEO of Broker Network and Paymentshield at Towergate. Gary also spent over 20 years in the banking sector with Barclays, GE and HBOS. 

Gerry Mallon, Tesco Bank Chief Executive, said: “I’d like to welcome Gary to our business. He has a wealth of experience in banking and insurance, which will be invaluable to us, our customers, and our partners. Tesco Bank’s acquisition of Tesco Underwriting earlier this year underlines our commitment to the insurance market and our strategy of focusing on propositions which better meet the needs of Tesco shoppers.”

Tesco Underwriting was established in 2010 as a joint venture between Tesco Bank and Ageas UK, underwriting Tesco Bank-branded car and home insurance policies. On 4 May 2021, Tesco Bank completed the acquisition of Ageas’s stake in Tesco Underwriting, enabling Tesco Bank to create an end-to-end insurance business. 

Earlier this year, Tesco Bank announced that, from 1 August 2021, all its new and renewing car and home insurance policies would be underwritten by Tesco Underwriting. This will replace the external panel of six insurers that Tesco Bank currently uses, alongside Tesco Underwriting, to manage its car and home book.