South West insurer Cornish Mutual has announced Peter Beaumont as its new Managing Director. Peter has been the company’s Finance and Operations Director for more than a decade. Subject to regulatory approval, he will take over the role from Alan Goddard, who is due to retire after 15 years as Managing Director.
Founded in 1903, Cornish Mutual insures farms and rural businesses across Cornwall, Devon, Somerset and Dorset. Being a mutual organisation means the company is owned by its customers - its Members.
Peter joined Cornish Mutual in 2009, bringing with him a wealth of experience in the IT and financial services sectors. He has worked closely with Alan and the senior management team to grow and develop the company.
The handover has now begun and Peter will assume the leadership of the company, and the significant regulatory responsibilities that come with this, when Alan retires in December 2019.
Peter said: “Over the last ten years, I have had the privilege of working alongside Alan and the whole Cornish Mutual team to make the company what it is today. As Managing Director, I am delighted to now have the opportunity to build on our strengths and ensure we continue to evolve and adapt, including through the use of new technology, to meet the changing needs and expectations of our Members.
“There are challenges ahead for the insurance industry and for our Members in the agricultural sector. The strength and commitment of our fantastic people here at Cornish Mutual gives me every confidence that we are extremely well placed to meet these challenges and ensure we continue to offer a distinctive and high quality service to all our Members across the South West.”
Since joining Cornish Mutual in 2001 and becoming Managing Director in 2004, Alan has led the company through a period of growth. This has included increasing Members’ funds from £8million to in excess of £21million. Cornish Mutual became the first mutual insurance company in the UK and the first insurer in the South West to achieve Chartered status, an accreditation which it has now held for seven consecutive years. Supported by a second office on the Devon-Somerset border, Cornish Mutual has also significantly grown its Membership in Dorset and Somerset.
Alan said: “I have thoroughly enjoyed my time as Managing Director of Cornish Mutual. We have embraced new technologies and adapted to regulatory changes and new opportunities. Crucially, we have broadened our offer to meet the needs of our changing Membership base, which now includes many exciting rural businesses alongside more traditional farms.
“Despite these significant developments, we have remained true to our roots in the agricultural sector and our mutual values of fairness, honesty and transparency.
“Reflecting on 15 years at the helm, I’m proud of our achievements and pleased to be passing the reins on to Peter, whose experience with Cornish Mutual makes him ideally placed to drive the company forward while retaining its unique values and approach.”
Cornish Mutual Chairman Ian Pawley said: “I would like to congratulate Peter on his appointment and would also like to thank Alan for his service and commitment to Cornish Mutual over the last 15 years.
“Peter takes over the leadership of a company that is very well placed to meet the needs of its Members in farms and rural businesses across the South West. Supported by an excellent team, I have no doubt that Peter will provide the leadership to continue the company’s strategy of sustainable growth. Importantly, he is committed to the company’s ethos of putting its Members at the heart of everything it does.”