Saga also pointed out that O’Sullivan has been chairman of ERS (syndicate 218), a Lloyd’s market specialist motor insurer, and is hugely experienced in growing businesses in the financial services and insurance industry.
In his new role, O’Sullivan will succeed Andrew Goodsell, who will retire from the board on 30 April.
Orna NiChionna, Saga’s senior independent director, said: “We are delighted to welcome Patrick to the Board of Saga. He brings many years of highly relevant commercial and board experience, working with companies in the financial services and insurance sectors.”
She added: “His wisdom and leadership will be invaluable as we invest in growing the customer base to deliver profit across the business.”
In a separate statement, Old Mutual said that O’Sullivan will continue in his role as the group’s chairman until its management separation process has been concluded.
In afternoon trading, Saga’s shares gained 0.3% at 116.4p, while Old Mutual’s shares were up 1% at 249p.