Change at top for Trade Indemnity

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The Independent Online
Victor Jacob, chief executive of Trade Indemnity Group, will retire from the credit insurer on 1 September, to be replaced by John Bishop, former Eagle Star managing director.

Mr Jacob was brought in as managing director in 1991 when the company's losses due to the recession were at their worst. That year Trade Indemnity made a £46.6m pre-tax loss and passed its dividend for the first time in its 74-year history.

By contrast, Mr Bishop will take over a far healthier company. Trade Indemnity returned to profit in 1993 and resumed paying dividends last year. However, because of its three-year account, the extent of the turnaround will become evident only in the results for last year, to be announced on 7 March.

Mr Bishop will be appointed chief executive of Trade Indemnity Group and managing director of Trade Indemnity plc. He will become a director of both companies with effect from 1 March.

Two executives of Trade Indemnity, Graham Kent, director of underwriting, and Doug Brunner, director of sales and international representation, will join the board from 1 March. They will retain their existing roles.

Mr Bishop was managing director and later chairman of Eagle Star Insurance Company from January 1991 until May 1994. Before that he held various senior executive positions with Sun Alliance.

Trade Indemnity compensates customers when their trade partners become insolvent. It suffered heavily in the recession.