The Association of British Insurers (ABI) has appointed Zurich UK CEO, Tim Bailey, as president and M&G’s chief executive for retail and savings, Claire Bousfield, as deputy president.
Assuming their roles immediately, the pair succeed Royal London group CEO Barry O’Dwyer and UK CEO at Admiral Group Cristina Nestares, respectively.
Bailey will hold the role for the next two years. As previously announced by M&G, Bousfield will be stepping down from the firm in the autumn. Given her work leading the ABI board sub-group on Solvency II, the ABI said it was grateful Bousfield will hold the deputy president role while the sector transitions to the Solvency UK regulations.
Baroness Nicky Morgan, chairwoman of the ABI, said: “I’m delighted to announce Tim Bailey and Clare Bousfield as ABI president and deputy president. 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.
“I would like to thank Barry and Cristina for their dedication and commitment to the roles. They have made an important contribution to the ABI and we’re grateful to continue working with them as members of the ABI board.”
Bailey (pictured left) said: “It’s an honour to take on the role of ABI president. 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.”
Bousfield (pictured right) added: “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.”