ABI unveils new director general

The Association of British Insurers has today unveiled Otto Thoresen as its new director general.

Thoresen will take up the role on April 4 and will be based in London.

Thoresen is currently chief executive of Aegon UK and a member of the board of management of AEGON N.V.

He was appointed by an appointments panel of the ABI Board headed by ABI chairman, Tim Breedon following an external recruitment process lead by Odgers Berndtson.

Breedon said: "Otto is a leading industry executive who will bring strong leadership and proven industry expertise to the ABI’s work.

"He will have huge credibility representing the industry with the first hand-knowledge that comes from running a business in the current challenging regulatory and business climate.

“Otto combines significant industry experience with a passion for improving the industry’s service to its customers and its reputation.

"His proven commitment to improving access to financial services and driving a focus on the customers’ needs will be a huge asset to the ABI as it continues to build greater trust in insurance products and tackle areas of customer detriment.

Breedon said Thoresen was the board's "unanimous choice" out of a shortlist of five candidates.

The appointment ends an eight month search to replace previous director general Kerrie Kelly who quit to return to Australia in July 2010, after just six months in the role. Maggie Craig took over in the interim.

Breedon added: “I am grateful to Maggie Craig for her hard work as acting director general over the last eight months. She has devoted characteristic energy and skill to keeping the ABI moving forward and will hand the ABI over to Otto in strong shape for the challenges ahead.”

'Critical time'

Thoresen said: “I am incredibly excited about taking on this challenge and representing all parts of the insurance industry at this critical time.

"This is an industry I care passionately about and I will relish the opportunity to engage in crucially important debates with governments, regulators, customers and stakeholders.

"The insurance industry is facing very significant changes over the next few years and it will be vital that we punch our weight and contribute all we can to the challenges facing us."

Thoresen has been on the board of the ABI for six years, most recently as a deputy chairman and audit committee chairman.

"Its principal strength as an organisation is its close relationship with its members and I intend to develop this still further as director general, especially with those sectors of the membership I have been less involved with during my career in insurance," he added.