Financial & Legal Insurance are delighted to announce the appointment of new Managing Director, Karen Beales.
Karen joined in February and reports to Drive Further collective chief executive Nick Garner.
Nick Garner said:
“I am thrilled to welcome Karen to the collective. She is a highly experienced CEO with a very strong background in leading businesses. She will be responsible for setting out and achieving our long-term objectives for Financial & Legal after the implementation of the Civil Liability Act, which is certain to bring significant changes to the LEI sector.”
“Karen inherits a strong position, as we’ve grown our GWP by nearly 20% during last year, giving us an excellent platform to take advantage of changes to the LEI market in the post reform world.”
Karen Beales said:
“I am really looking forward to assisting Nick and the company in a rapidly changing market. I have enjoyed my time in consultancy, but the opportunity to lead a team again is irresistible, especially at such an important time for the industry.”
Karen explained that the government estimates that 25 million consumers currently have an LEI policy, but she believes consumer demand for legal expenses cover is certain to grow after the reforms are implemented, because customers making a claim for minor injuries will no longer be able to get their legal costs paid for by the at-fault insurer…
“Part of our task will be to lead efforts within the wider industry to educate consumers about the merits of having LEI cover. It is a valuable product but it is widely misunderstood, and that needs to change.”
Karen spent a year working as a consultant before joining Financial & Legal. Previously she was CEO of UK General Insurance, a leading personal lines MGA. She joined UK General’s predecessor, UK Underwriting Ltd, as technical manager in 2002, after beginning her insurance career at General Accident.