* Martin Scicluna to become chairman on Jan. 1
* Steps down as non-exec at Lloyds
* Shares up 0.7 percent
LONDON, Nov 22 RSA, Britain's biggest
commercial insurer, appointed Martin Scicluna, a 30-year veteran
of accountancy firm Deloitte, as its new chairman.
Scicluna, who chaired Deloitte from 1995 to 2007, will take
up his new role on January 1, replacing John Napier, who is
stepping down after 10 years, RSA said in a statement on
British corporate governance rules require companies to
replace their chairmen every nine years to ensure they remain
independent from executive directors and can continue to defend
RSA, best known in Britain for its More Than home and motor
insurance business, is trying to expand in Latin America and
other emerging markets to offset sluggish growth in its
established European markets.
Some analysts believe weak revenue growth could crimp RSA's
profits and undermine its ability to grow its dividend, among
the biggest relative to share price of any large British listed
Scicluna will quit his current role as non-executive
director and chairman of the audit committee at Lloyds Banking
Group in March next year, Lloyds said.
Scicluna is also chairman of property firm Great Portland
RSA shares were up 0.7 percent by 0815 GMT, in line with the
FTSE 100 share index. The stock is up 5.7 percent since
the start of the year, lagging an 18 percent rise in the FTSE
non-life insurance index.