Lloyds insurance boss Kane steps down

Archie Kane is stepping down as head of Lloyds Banking Group’s insurance division.

Lloyds announced this morning that Kane, who has been group executive director for insurance since 2003, will retire at the group’s annual general meeting on May 18th.

The group also announced that following Kane’s retirement, its insurance activities will be restructured into separate divisions.

Life, pensions and investments and general insurance will have their own directors who will both report directly to recently appointed group chief executive António Horta-Osório.

Kane has worked for the group since joining TSB in 1986, has been a member of the group board since 2000. He is also a former chairman of the ABI and oversaw Lloyds’ Scottish operations.

As part of the restructuring, group executive director for retail Helen Weir is also leaving Lloyds.

Horta-Osório said: "I would like to thank Archie and Helen for the significant contribution they have made to the Group. I wish them both well for the future.”