Otto Thoresen has been appointed ABI director general with Adrian Grace replacing him as chief executive of Aegon UK.
Thoresen has been chief executive of Aegon UK since 2005 and a member of the group management board of Aegon NV since 2007.
The ABI director general job has been vacant since Kerrie Kelly left in July 2010 after just six months at the helm. ABI director of life and savings Maggie Craig has been acting director general. Thoresen starts at the trade body next month.
Thoresen says: “I am incredibly excited about taking on this challenge and representing all parts of the insurance industry at this critical time. 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.”
Grace says: “I am very pleased to have the opportunity to lead Aegon UK at such an important time for our business. I will continue with the strategy which the Aegon UK leadership team has introduced over the past twelve months.”
Grace, currently chief operating officer at Aegon UK, has previously held managing director roles at Sage Group, HBOS and Barclays Insurance.
Aegon announced last year it would reduce operating costs by 25 per cent by 2011, closing six of its 12 regional sales centres. In February it announced losses of £6m in the final quarter of 2010.