Tim Bailey, UK CEO at Zurich, is the new president of the ABI, while Clare Bousfield, chief executive, retail and savings at M&G, becomes the new deputy president. Both will take up the roles immediately.

As president, Bailey replaces Barry O’Dwyer, group CEO at Royal London, and 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.

Baroness Nicky Morgan, ABI chair, 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.”

Bailey added: “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.”

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