The ABI also announced that Clare Bousfield, Chief Executive of Retail and Savings at M&G plc, will assume the role of Deputy President. Both appointments are effective immediately.

Bailey succeeds Barry O’Dwyer, the Group CEO of Royal London, as President of the ABI. O’Dwyer was the first person to hold this position following governance changes implemented by the ABI in 2021. Cristina Nestares, the UK CEO of Admiral Group plc, served as the Deputy President alongside O’Dwyer.

The ABI has stated that Bailey will serve as President for the next two years. Additionally, Bousfield will step down from her role at M&G in the autumn.

Baroness Nicky Morgan, Chair of the ABI, expressed her delight at the appointments of Tim Bailey and Clare Bousfield as President and Deputy President, respectively. She highlighted their experience, insight, and leadership, and said their importance during this crucial period for the insurance industry as it prepares for the implementation of Solvency UK, saying: “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, in his capacity as ABI President and UK CEO of Zurich, expressed his honour in taking on the role. He spoke about his belief in the ABI’s role in driving change to protect and foster a thriving society. Bailey looks forward to working together with industry stakeholders, as well as government and regulators, to support ABI members in achieving these objectives over the next two years.

Bousfield, as ABI Deputy President and CEO of Retail and Savings at M&G, highlighted her involvement in leading the ABI’s work on Solvency UK, a significant regulatory regime change that facilitates substantial investment in productive assets in the UK. She expressed her passion for driving the industry’s delivery of the associated benefits. Bousfield considers it a privilege to assume the role of ABI Deputy President during this period and looks forward to collaborating with Tim Bailey and the rest of the Board in the coming months.

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.”