Admiral Group chief executive officer David Stevens has decided to retire in 12 months’ time.

Following the completion of a thorough selection process and in line with the board’s long-term succession plan, David will be replaced by Milena Mondini de Focatiis, the group’s current head of UK and European insurance, who will be promoted to group CEO-designate and join the board as an executive director in due course.

Milena will assume the CEO role after the transition period.

David co-founded Admiral in 1991 and has been group CEO since May 2016. He will continue to work for the group in a part-time advisory capacity after the transition period.

Milena joined Admiral in 2007 and was appointed head of UK and European insurance in July 2019.

She has been a member of the leadership team throughout her time at Admiral, has extensive experience of the group’s operations and has attended and actively contributed at board meetings as an observer since 2011. Her previous roles included being CEO of, Admiral’s Italian insurance business, which she founded in 2008.

Annette Court, Admiral Group chairman, said: “It is hard to sum up the amazing contribution that David has made to the group over the last 27 years. As one of the founders he has overseen the business grow from a standing start to become one of the UK’s largest motor insurers, employing more than 10,000 people, serving seven million customers and with a market value today of more than £6bn.

“David isn’t going just yet and I don’t want to use up all my accolades until he actually steps down in 12 months’ time.

“Having been through a comprehensive and robust succession process, the board is confident that in Milena we have a natural successor and a leader for the next generation. We have a wealth of management talent at Admiral and bringing this through has always been a central pillar to Admiral’s management philosophy as the business evolves alongside its customers. Milena brings a deep appreciation of the special Admiral culture, entrepreneurial spirit, commercial track record and people development skills.”

David Stevens said: “Few managers are lucky enough to be part of as fulfilling a corporate story as Admiral. Alongside my sense of good fortune and gratitude to those who made it possible, notably, Admiral’s founder Henry, and my many talented colleagues over the years, I feel a responsibility to do what’s best for the long-term future of Admiral. That’s why I am looking to pass on stewardship of Admiral to a very talented next generation of Admiral management led by Milena Mondini. They are collectively more than capable, not just of sustaining, but also of improving Admiral’s competitive competence and potent culture."

Admiral employs around 1,000 people at it's Newport city centre office on Queensway.