Over-50s holiday and insurance company Saga has appointed a FTSE 100 financial services veteran as its new chairman.

Patrick O'Sullivan will take over from retiring chair Andrew Goodsell from May 1, who leaves after 26 years with the Folkestone-based business.

Mr O'Sullivan has been chairman of FTSE 100 conglomerate Old Mutual plc since 2010 and is also chairman of ERS, a Lloyd’s motor insurer.

He previously spent 12 years at Zurich Insurance Group, during which time he was group chief financial officer and vice chairman of the management board, as well as chief executive of Eagle Star and chief executive of UK General Insurance.

He has also worked for Bank of America, Goldman Sachs, and Barclays' investment banking arm BZW.

Orna NiChionna, senior independent director, who led the recruitment process, said: “He brings many years of highly relevant commercial and board experience, working with companies in the financial services and insurance sectors.

"His wisdom and leadership will be invaluable as we invest in growing the customer base to deliver profit growth across the business.”

Mr O'Sullivan is stepping into big shoes.

His predecessor Mr Goodsell joined the company in 1992 when it was owned by the De Haan family, who founded the business as an over-50s travel firm in 1951.

He became chairman in 2004 after Roger De Hann, son of founder Sidney, decided to sell the company to private equity firm Charterhouse.

He maintained the role as Charterhouse joined forces with CVC Capital Partners and Permira in 2007 to form parent company Acromas Holdings, which also owned the AA.

He later oversaw “a period of very fast growth and change” which led to the flotation of Saga on the London Stock Exchange in 2014, valuing the business at £2.1 billion.

Mr Goodsell became non-executive chairman in 2015, transfering over responsibilities to the company’s chief executive Lance Batchelor.

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.

"I look forward to working with management and the Saga Board to build on recent investments and initiatives to deliver profitable growth."