Saga, the troubled insurance and travel group, has appointed Patrick O’Sullivan as its new chairman, to replace Andrew Goodsell.

The company, which specialises in products for the over 50s, warned late last year that its travel and home insurance operations were under pressure, and that it had been hit by the collapse of Monarch Airlines. Its shares have lost a third of their value since the warning, prompting a broad management shake-up.

Saga has turned to an insurance specialist to steer it through the tough times. Mr O’Sullivan is chairman of Old Mutual, the financial services conglomerate that is breaking itself up. He spent 12 years earlier in his career at Zurich insurance, and he has also had stints at Bank of America and Goldman Sachs.

Mr O’Sullivan said: “Saga is a household name and a brand that I admire. I am very pleased to be joining at a pivotal moment in the development of the company as it focuses on sustaining profitability and growth across the businesses.”

Mr Goodsell’s departure was announced before the profit warning. He will step down in April.

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