The ABI has also named a new deputy president

The ABI has announced a series of senior leadership changes – including the appointment of Zurich’s UK chief executive Tim Bailey as its new president.

In a statement released today (3 July 2023), the association said Bailey would hold the role for the next two years.

He will replace Royal London chief executive Barry O’Dwyer, who was the first person to hold the role under ABI governance changes introduced in 2021.

Meanwhile, Clare Bousfield, chief executive of retail and saving at financial services firm M&G, will take up the role of deputy president.

She will replace Admiral’s UK chief executive Cristina Nestares.

Solvency UK

Baroness Nicky Morgan, ABI Chair, said both Bousfield’s and Bailey’s experience will be “grealy valued” as the insurance industry transitions to the Solvency UK regulations.

“I’m delighted to announce Tim Bailey and Clare Bousfield as ABI president and deputy president,” she said.

“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.”

Last week (29 June 2023), the Prudential Regulation Authority published its CP12/13 Review of Solvency II: Adapting to the UK insurance market, with the aim of creating a new UK regulatory regime for insurance firms, known as Solvency UK.

Bousfield, who has led the ABI board sub-group on Solvency II, said: “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.”

Supporting members

Meanwhile, Bailey said it was 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,” he said.

“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.”

Morgan also thanked O’Dwyer and Nestares for their service over the last two years.

“They have made an important contribution to the ABI and we’re grateful to continue working with them as members of the ABI board,” she added.