Premium Credit Ltd ('Premium Credit') the leading provider of premium finance services in the UK and Ireland, announces today that Andrew Doman, CEO of the business since the carve out from Bank of America in 2012, will be stepping down from the role. Tom Woolgrove has been appointed Chief Executive from January 2016.
Prior to joining Premium Credit in January 2016, Tom Woolgrove has undertaken leadership roles within Insurance and Banking, including Managing Director of UK Personal Lines at Direct Line Group and President of the Chartered Insurance Institute. He brings extensive industry experience to Premium Credit and has an impressive track record of business and change leadership that will serve Premium Credit well in the years ahead.
Andrew Doman led the economic transformation of Premium Credit over the past three years and the subsequent sale to Cinven in February 2015. Under Andrew's leadership the underlying profitability doubled and the business has undertaken a major investment in digitisation that is delivering substantial enhancements to its services to improve the broker and end customer experience.
Maxim Crewe, Partner at Cinven said:"I would like to thank Andrew for his dedication to the smooth transition of ownership. In 2015 Premium Credit achieved another record level of loan advances and profitability and has strong prospects for future growth under the five year plan that the business has developed. We are confident in the future of the business, with a strong management team in place, and Premium Credit will continue to invest in the digitisation programme."
Andrew Doman said: "I want to thank the whole Premium Credit team for their unstinting dedication over the past few years and wish them well for the future. I am also very grateful for the loyal support of our many brokers and our clients and customers across the UK and Ireland. I am confident that the business will continue to grow and thrive in the years ahead and will be in good hands under Tom's leadership."
Peter Catterall, Partner at Cinven, added: "We are delighted to welcome Tom to the team at Premium Credit. His track record of growing financial services businesses, experience and expertise will be hugely valuable as we expand at Premium Credit. I join Maxim in thanking Andrew Doman for his service and commitment to Premium Credit."