"With the change of CEO last year from Henry to David successfully completed, it is the right time for me also to handover," Lyons said in a statement.

Admiral, which has said it could move its European business to Ireland or another country if British insurers lose their right to sell their products across Europe as a consequence of leaving the EU, said an announcement about Lyons's successor will be made once it gets regulatory approvals.

(Reporting by Noor Zainab Hussain in Bengaluru)