Legal & General group chief executive Tim Breedon is to become the next chairman of the Association of British Insurers.
He will be formally appointed at the ABI’s annual general meeting in July when current chairman and Scottish Widows group executive director of insurance Archie Kane will step down, having completed a three-year term.
Breedon has been L&G group chief executive since January 2006, having joined the board in 2002. He has been a member of the ABI board since July 2007.
He says the insurance sector “weathered the storm of the financial crisis” but needs to be a driving force in the economy’s recovery, adding that the industry must improve its reputation with customers.
He says: “Insurance is already at the heart of a successful and well functioning society. There is, however, much more we can do to assist individuals, families, businesses and the economy towards recovery.
“As an industry, we have to continue to improve our reputation with consumers, demonstrate our value to governments and work with regulators to ensure we are operating effectively.
“We face major challenges from regulators and governments, particularly in ensuring insurance is not treated as banking but I am confident the ABI will continue to engage constructively in the important debates still to come.”
ABI director general Kerrie Kelly says: “Archie Kane has provided clear and respected leadership through an incredibly challenging period for financial services in the UK and our members are most grateful for the very meaningful contribution he has made during this time.”