Dutch financial giant Aegon announced on Tuesday that former Direct Line Group and RSA Insurance Group executive Mike Holliday-Williams will succeed Adrian Grace as CEO of Edinburgh-based Aegon UK.

In the UK, Aegon offers investments, pensions and protection products to more than three million customers and employs about 3,000 staff.

Holliday-Williams will join Aegon UK on October 1, 2019.

Adrian Grace will retire from the company on March 31, 2020, following 10 years with the company.

There was no comment from Grace in the company’s press release, but Aegon CEO Alex Wynaendts said: “We would like to thank Adrian for having successfully modernised, transformed and repositioned our UK business.

“Under his leadership, our UK business has grown from £40 billion of unit-linked pensions in 2009, to today where we oversee £175 billion of pension and investment assets.

“We have repositioned Aegon to be the leader in the market of investment trading platforms and the company is now well positioned for further growth. We wish Adrian well in his deserved retirement.”

Wynaendts added: “I am pleased to announce the appointment of Mike Holliday-Williams as the successor of Adrian Grace.

“Mike’s appointment signals Aegon’s continuing commitment to build on the strong foundation of our UK business.

“Mike brings extensive experience in the financial industry and a strong track record in focusing on customer solutions.

“I look forward to working with him.”

Holliday-Williams commented: “I am delighted to be joining Aegon at this pivotal time in our industry.

“I look forward to working with advisers to develop new solutions to enhance their relationships with their clients.”

Aegon said it “is the intention” to appoint Holliday-Williams to Aegon’s management board.

His appointment as member of the management board and CEO of Aegon UK is subject to regulatory approvals.

Holliday-Williams was previously Managing Director for Personal Lines at Direct Line Group (DLG) and spent eight years at RSA Insurance Group, latterly as Chief Executive Officer for RSA Scandinavia.