Direct Line Recruits Former MoneySupermarket CEO

Direct Line has announced the recruitment of Mark Lewis as an independent nonexecutive director effective March 30, 2023. Lewis spent three years as MoneySupermarket Group CEO and with the rise in the cost of living, consumers have gone back to shopping around. U.K. insurance remains one of the most active products for shopping around. We think this appointment shows that the U.K.’s insurance business model, ultimately, hasn’t changed and that Direct Line has begun to recognise, more than ever, that they need to permanently look to this channel to remain competitive and grow. We maintain our GBX 285 fair value estimate and no-moat rating.