The Ardonagh Group has announced that its CFO Mark Mugge will be moving out of his current role to work across the group “on a series of key strategic initiatives being prioritised during 2018.”

Mugge will transition into his new role this month, with deputy CFO Antony Erotocritou taking over his day-to-day responsibilities as group finance director.

Erotocritou joined Ardonagh in February 2017, having spent eight years at RSA as finance director of the carrier’s personal lines business.

Commenting on the changes, Ardonagh chief executive David Ross said: "2017 was a huge year for Ardonagh, with the creation of the Group providing us with a platform on which to build and grow incredible brands and businesses. Almost exactly three years since Mark entered the building, we find ourselves entering the next phase of the Ardonagh story, moving out of the fix and formation.”

He added that by stepping away from the CFO, Mugge is freed up to lead and advise on strategic, growth acceleration projects in what Ross described as a “market awash with opportunity”.

"Being able to give my full attention to these value creation projects is crucial to their compressed and ambitious timelines. I have complete confidence in Antony’s ability to continue to lead and grow our finance team to support the Group’s ambition,” said Mugge.

As part of the change, Erotocritou will succeed Mugge on the board of the Group Holding Companies, comprised of The Ardonagh Group Limited, Ardonagh Midco 1 Limited, Ardonagh Midco 2 Limited, Ardonagh Midco 3 plc, Ardonagh Finco plc and Towergate Insurance Limited.