Zurich UK chief executive Tim Bailey (pictured) and M&G Plc’s retail and savings CEO Clare Bousfield have been named as the new president and deputy president, respectively, of the Association of British Insurers (ABI).
“I’m delighted to announce Tim Bailey and Clare Bousfield as ABI president and deputy president,” ABI chair Baroness Nicky Morgan said in a release. “Their experience, insight, and leadership will be greatly valued, particularly at such an important time for the industry as we prepare for the introduction of Solvency UK.”
Effectively immediately, Bailey is succeeding Royal London boss Barry O’Dwyer while Bousfield takes over from Admiral Group UK chief Christina Nestares.
“I would like to thank Barry and Cristina for their dedication and commitment to the roles,” added Morgan. “They have made an important contribution to the ABI, and we’re grateful to continue working with them as members of the ABI board.”
The two posts came to life in 2021 as part of governance changes within the trade body.
“It’s an honour to take on the role of ABI president,” commented Bailey. “I strongly believe in the role the ABI has to play in driving change to protect and build a thriving society. Working together as an industry, and in partnership with government and regulators, is key, and I look forward to supporting members to deliver that over the next two years.”
Meanwhile Boufield noted: “Having led the ABI’s work on Solvency UK, which is a once in a generation change to our regulatory regime enabling billions of pounds of investment into UK productive assets, I am passionate about driving through how we as an industry deliver the benefits.
“It’s a privilege to hold the role of ABI deputy president at this time, and I look forward to working with Tim and the rest of the board in the months ahead.”
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