He replaces Steve Wood who announced his intention to step down earlier this year, having led the organisation since 2017.

Paul joins from Just Group where he was managing director of retail.

Having started his career in 1994 at Mercantile & General, Paul spent two decades at Swiss Re in a number of serious roles across underwriting, marketing, business relations and regional leadership.

“Paul brings a wealth of experience in the insurance and financial services sectors, both in the UK and internationally,” said Alan Rubenstein, chair at the NHBC.

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“His purpose-driven leadership and track record at Just Group plc make him the ideal person to lead NHBC into its next chapter.”

Paul has no experience in the housing or property industries and the NHBC declined to comment when DFT asked for further clarification about why he was appointed to the role.

Steve said: “It has been a great honour to lead NHBC over the last eight years.

“I am incredibly proud of what we have accomplished and confident that the organisation is well-positioned for the future.

“Under Paul’s leadership, I am certain NHBC will continue to thrive and develop.”