By Jonathan Davies

Admiral chief executive Henry Engelhardt has announced that he will step down from the post next year.

The Chicago-born 57-year old has led the Welsh insurance firm since its creation in 1991.

Admiral now exmploys around 7,000 people and has revenues of around £2 billion.

Chief operating officer David Stevens will replace Mr Engelhardt.

The outgoing chief executive said: “CEO of Admiral is a really brilliant job and I’ve loved doing it for all these years, but I see the wealth of management talent we have rising up in the organisation and I think that in a year’s time it will be the right moment to start the transition towards that younger, very talented team.

"During these many years I have had many good days and a few bad ones but every day I am incredibly fortunate to work with great people, who support each other when things are challenging and celebrate together when things go well.

“David and I have worked closely together throughout Admiral’s history and not only has he been instrumental in our success but he’s also quite a bit younger than I am! So I rest easy turning the CEO job over to him; there is no one better for this role.

“Today is our staff general meeting, where we meet every UK staff member in one day. I chose today to announce this move because it’s our people around the globe who make this company successful and they should be first to know.”

Mr Stevens said: “After working alongside Henry for the last 24 years I will be very sad to see him no longer at the helm of Admiral. However, I am delighted that the Board is offering me the opportunity to succeed Henry and build on his formidable legacy.

"Whilst Henry will cease to be the CEO and a director at Admiral, I am very pleased to be discussing with him ways in which he might continue to make his unique skills and experience available to the Group over the coming years.”