Prudential boss Thiam to become ABI chairman

Prudential chief executive Tidjane Thiam has been nominated by the ABI board to become its next Chairman.

He takes over from former Legal & General chief executive Tim Breedon who will be stepping down having completed his two-year term of office.

Thiam has been an executive director at Prudential plc since 2008, having previously spent six years in executive positions at Aviva. He is a member of the Prime Minister’s Business Advisory Council.

Thiam said: “I am honoured to be chosen as chairman of the ABI, particularly in succession to Tim Breedon, who has done an outstanding job in refocusing the organisation to face the challenges of a changing world. I am looking forward to working with Otto Thoresen, who has brought a wealth of experience and leadership skills to the ABI.

“Insurance is one of Britain’s business success stories and it continues to provide jobs, security and much of the long-term investment that drives economic growth. It remains one of our most important invisible export earners.

“Insurers need to continue working together in close partnership with government and regulators to find solutions to the challenges we collectively face – supporting our customers in a time of unprecedented austerity and developing practical policies that will promote sustainable growth.”