Tim Bailey, UK CEO, Zurich, is the new President of the Association of British Insurers (ABI). Clare Bousfield, Chief Executive, Retail and Savings, M&G plc, becomes the new Deputy President. They will take up the roles immediately.
As President, Tim replaces Barry O’Dwyer, Group CEO, Royal London. Barry was the first person to hold the role under ABI governance changes introduced in 2021, alongside Cristina Nestares, UK CEO, Admiral Group plc, as Deputy President. Tim will hold the role for the next two years. As previously announced by M&G, Clare will be stepping down from the firm in the autumn. Given her work leading the ABI Board sub-group on Solvency II, we’re grateful Clare will hold the Deputy President role while the sector transitions to the Solvency UK regulations.
Baroness Nicky Morgan, ABI Chair, says: “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.”
Tim Bailey, ABI President and UK CEO, Zurich, says: “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.”
Clare Bousfield, ABI Deputy President and CEO, Retail and Savings, M&G, says: “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.”
Notes for Editors
Further detail on the ABI Board can be found here.
The responsibilities of the President include being a lead voice for the sector in discussions with stakeholders; chairing the Appointments and Remuneration Committee and being a member of the ABI Board and the Customer Committee.
The responsibilities of the Deputy President include being a key voice for the sector in discussions with stakeholders; being a member of ABI Board,the Appointments and Remuneration Committee and Customer Committee.
Tim Bailey - UK Chief Executive, Zurich
Tim Bailey has over 25 years’ experience in the Insurance sector. Tim was appointed CEO Zurich UK in January 2021, having previously held the position of Chief Operating Officer, Europe, Middle East & Africa. From 2015 to 2019, Tim held the role of CEO, Life & Investments and Country Head, Zurich Australia, overseeing a period of significant growth and two major acquisitions. Prior to this, he held the roles of Chief Risk Officer, Global Life and Head of Strategy, Global Life. Tim began his career as a graduate with Zurich’s UK business in 1998.
Tim earned a bachelor’s degree in economics, with honours, from the University of Exeter in 1998. He qualified with the Institute of Chartered Accountants in England and Wales in 2001.
Clare Bousfield – CEO Retail and Savings, M&G plc
As MD Retail and Savings for M&G plc, Clare is responsible for leading the expansion of M&G Wealth in the UK, and completing the transformation of the Prudential-branded operations to improve customer outcomes and generate business efficiencies.
Prior to this, Clare was Chief Financial Officer for M&G plc, responsible for leading the financial management of the Group including driving the overall financial performance of the business.
Clare has significant international commercial and business experience, including corporate finance experience from a range of senior roles across financial services industries spanning more than 25 years. Clare joined the Prudential group in November 2016 as Chief Executive Officer of The Prudential Assurance Company. Previously she was at Aegon, where she was Chief Financial Officer and led the strategic review and transformation of Aegon’s UK business. Clare has also served as Swiss Re’s Chief Financial Officer, UK Life & Health, and as Regional Chief Financial Officer for UK, Ireland & Africa before assuming a Group role. In the early part of her career, Clare held a number of senior positions at PricewaterhouseCoopers working with clients in the investment management and insurance industries.
Since July 2021 Clare has been a Non-Executive Director of IVC Evidensia, Global veterinary consolidator. Previously, she was a Non-Executive Director of Pacific Re Limited and RSA Group where she was also Chair of the Audit Committee. She has also served as a Board Member of Scottish Financial Enterprise. Clare graduated from the University of St Andrews with a BSc Honours degree in Statistics and completed INSEAD’s Advanced Management Programme in 2009. She is a member of the Institute of Chartered Accountants, England & Wales.
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Malcolm Tarling |
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Helen Mitchell |
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The Association of British Insurers is the voice of the UK’s world leading insurance and long-term savings industry. A productive, inclusive, and thriving sector, we are an industry that provides peace of mind to households and businesses across the UK and powers the growth of local and regional economies by enabling trade, risk taking, investment and innovation.
More news and information from the ABI is available on www.abi.org.uk .