Insurance industry veteran John Hastings-Bass will replace founding chairman Chris Gibson-Smith at retirement specialist Just Group.

Mr Gibson-Smith announced his intention to step down in March as soon as a suitable successor had been identified. He is retiring after four years in the role.

Mr Hastings-Bass will take over the role tomorrow following the publication of the Just Group half-year results.

He is the chair on private equity backed global insurance broking group BMS Group. Previously he was chair of Novae Group. He has over 35 years of experience in the insurance and reinsurance markets.

Mr Gibson-Smith, said “It has been an honour to chair Just Group since its creation. Having overseen a transformational merger, navigated significant regulatory change and overseen the appointment of a new team of Executive Directors, now is the right time for me to move on. I would like to congratulate John on his appointment and I know that Just is in good hands. I wish John, David and his team well as they take the Group forwards.”

Mr Hastings-Bass said: "I am very much looking forward to joining my new colleagues across Just Group and the Board, and supporting them in the long term success of the Company, delivering value to policyholders and shareholders. Just Group plays an important role in providing great financial products to help people achieve a better later life, and I am delighted to be part of realising this strategic ambition.”

The appointment has been approved by the Prudential Regulation Authority.