AUB Group enlists former Cover-More boss Mike Emmett as CEO

AUB Group has tapped former Cover-More boss Mike Emmett to take the reins as chief executive from Mark Searles.

Travel insurer Cover-More Group's CEO Mike Emmett

AUB Group has tapped former Cover-More boss Mike Emmett to take the reins as chief executive from Mark Searles.

Succession planning at the insurance broking, underwriting and risk services group (AUB) was enacted in earnest in August last year when Mr Searles announced his intention to retire from the company.

In an ASX statement on Thursday, AUB said Mr Emmett would commence in the CEO role from March 11, while Mr Searles would stay on in an advisory role until October and also pursue a career as a non-executive director.

Mr Emmett was CEO of Cover-More — now owned by Swiss giant Zurich — for a period of more than two years until December and prior to that had a five-year stint at QBE Insurance across a number of executive roles.

Discussing the appointment, AUB chairman David Clarke said Mr Emmett had “strong experience” in delivering diversified growth and knowledge of distributed business models.

“The board is confident his skills will enable the group to maintain strategic momentum, and will help orient the group to the future needs of clients while continuing to deliver shareholder outcomes,” he said.

“Mike’s understanding of the full suite of insurance services aligns well with the group’s successful ‘total risk solutions’ strategy, as well as our intention to be the leading provider of risk management, advice and solutions to clients. “

AUB, which has a market capitalisation of $884.6 million, has seen its shares rally by almost 40 per cent since Mr Searles took over as CEO in 2013.

“We thank outgoing CEO Mark Searles not only for his enormous contribution to AUB Group, but also for his continued support in this succession process, which has enabled us to conduct a thorough search process and plan for a smooth leadership transition,” Mr Clarke said.