He will resign from L&G board and remain at Brit
Brit Insurance chairman and Legal & General director Nick Prettejohn has been appointed to the Prudential Regulation Authority (PRA).
His approval has been approved by the chancellor, George Osborne, and he will resign from L&G’s board when he takes up the role on Monday.
Chairman of court Sir David Lees said: “I am delighted to welcome Nick Prettejohn to the Bank of England and to the PRA, where his wide knowledge of the insurance sector will be greatly valued.”
The ABI welcomed Prettejohn’s appointment. “Having insurance expertise at the top table of the regulator will help ensure proportionate and sensible regulation of the industry, so we welcome Nick’s appointment,” said director general Otto Thoresen.
“As an ex board member of the ABI and with his extensive London market experience, Nick is an excellent choice for this important role.”
Meanwhile, Chris Moulder has been promoted to director of general insurance at the PRA. He was previously head of the London markets insurance department and joined the FSA in December 2011 from KPMG. Gareth Truran will now head up the London markets department.
Head of insurance groups Andrew Bulley has been promoted to director of life insurance. They will both report into PRA deputy head Julian Adams.
In a letter to the industry, Adams said: “The Bank of England’s role in regulating insurance is crucial for the protection of policyholders in the UK and the safety and soundness of your firm. The insurance division at the PRA is made up of teams of people with a mix of industry and regulatory experience, including risk specialists and actuaries.”
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