Daily Briefing: Monday - The ABI team

Today’s news of a senior management reshuffle at the ABI is the first sign that new director-general Otto Thorenson is making his mark on the trade organisation. Although he has been in post for several months, before today he had yet to have made any significant moves. Indeed, he has been privately heard to admit that he is deliberately taking his time to learn about the general insurance side of the business before nailing his colours to any masts.

The key departure today has been that of Peter Vipond, formerly director of financial regulation and taxation. Pundits suggest that Vipond’s take-no-prisoners style may have formed an uncomfortable contrast with the Thorenson’s softly-softly approach. As an actuary by trade, Thorenson will no doubt be itching to get his hands dirty in the detail of Vipond’s high-profile former patch.

The other changes speak of a pragmatic approach aimed at influencing the new regulatory system from the get-go. Maggie Craig, a safe pair of hands during the recent interregnum, will provide valuable experience and expertise as she faces off the new FCA. On the other side, Hugh Savill’s background as head of public affairs should help him negotiate the political pressures of the new PRA. For the general insurance industry, continuity comes in the form of Nick Starling who remains in charge of general insurance and health.

Following the years of uncertainty at the top of the ABI since Stephen Haddrill’s departure in 2009 and Kerrie Kelly’s shortlived tenure, Starling has provided a point-man and public face. But as these issues come to the crunch, the industry will be looking to Thorenson to provide leadership. The running debates that are currently live will be hugely influential on the industry’s future. It must influence the ban on referral fees as it passes through parliament and, lest we forget, the statement of principles is up for renewal. Watch out for Thorenson’s next move.