ABI appoints otto thoresen as Director General

ABI appoints otto thoresen as Director General

ABI appoints otto thoresen as Director General

The Association of British Insurers has appointed Otto Thoresen as its new Director General it announced today. Mr Thoresen will take up the role on April 4 and will be based in London.

Otto Thoresen is currently Chief Executive of Aegon UK and a member of the Board of Management of AEGON N.V. He was appointed by an appointments panel of the ABI Board headed by ABI Chairman, Tim Breedon following an external recruitment process lead by Odgers Berndtson.

ABI Chairman, Tim Breedon said:

“Otto is a leading industry executive who will bring strong leadership and proven industry expertise to the ABI’s work. He will have huge credibility representing the industry with the first hand-knowledge that comes from running a business in the current challenging regulatory and business climate.”

“Otto combines significant industry experience with a passion for improving the industry’s service to its customers and its reputation. His proven commitment to improving access to financial services and driving a focus on the customers’ needs will be a huge asset to the ABI as it continues to build greater trust in insurance products and tackle areas of customer detriment.”

“Otto was the unanimous choice of the ABI Board Appointments Panel, having taken part in a competitive external search process, which resulted in a shortlist of five candidates. I am sure ABI members will be delighted that someone of his calibre will be leading the organisation forward.”

“I am grateful to Maggie Craig for her hard work as Acting Director General over the last eight months. She has devoted characteristic energy and skill to keeping the ABI moving forward and will hand the ABI over to Otto in strong shape for the challenges ahead.”

Otto Thoresen said:

“I am incredibly excited about taking on this challenge and representing all parts of the insurance industry at this critical time. This is an industry I care passionately about and I will relish the opportunity to engage in crucially important debates with governments, regulators, customers and stakeholders. 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.

“Insurance has a key role to play in building and sustaining a healthy society. It is a vital product for most people but as an industry we still have much to do if we are to be completely customer-focused. The challenges are not necessarily the same for the general and life sectors but we know as insurers that we have to build on the progress of the last few years and always be on the side of our customers.

“The ABI is a strong trade body which I know well from my six years on its Board, most recently as a deputy chairman and Audit Committee Chairman. Its principal strength as an organisation is its close relationship with its members and I intend to develop this still further as Director General, especially with those sectors of the membership I have been less involved with during my career in insurance.”

– ENDS –

Notes for Editors

The ABI Board Appointments Panel was chaired by Chairman, Tim Breedon and also comprised:
Paul Evans, CEO, AXA UK and deputy chairman, ABI
Chris Sullivan, Chairman, RBS Insurance
Andrew Moss, Group Chief Executive, Aviva
Andy Haste, Group Chief Executive, RSA
Sian Keall, Partner, Travers Smith LLP (Independent member)
The executive search was carried out by Odgers Berndtson, led by Virginia Bottomley, Kit Bingham and Rachel Slattery.

Otto Thoresen has been Chief Executive of AEGON UK since 2005 and a member of the Group Management Board of AEGON NV since 2007. He has served on the Board of the ABI since 2005, most recently as a deputy chairman and Chairman of its Life Insurance Committee and Audit Committee.

Otto was born and brought up in Buckie in North East Scotland. He graduated from Aberdeen University with a first class honours degree in Mathematics & Statistics in 1978 and joined Scottish Equitable where he trained as an actuary. He is a Fellow of the Faculty of Actuaries and also spent two years studying management development at INSEAD.

From 1988, Otto held a series of senior marketing roles at Abbey Life, Royal Insurance and as a managing director at Royal Life International, before returning to Scottish Equitable (then owned by AEGON) in 1994, becoming its Finance Director in 2000.

Otto has been one of the industry’s leading figures advising government and regulators on consumer issues. In 2007, he led a review for HM Treasury on financial advice which was published in 2008 with its recommendations accepted by the Government. He is also a member of the FSA Financial Capability Steering Group and Chairman of the Personal Finance Education Group (pfeg), which is the UK’s leading finance education organisation. In Scotland, he sits on the Financial Services Advisory Board, which is chaired by the First Minister and is deputy chairman of Citizens Advice Edinburgh.

Media Enquiries to:

Huw Evans
0207 216 7394
07976 715651

Liz Forster
020 7216 7444
07717 578 586

The ABI is the voice of insurance, representing the general insurance, investment and long-term savings industry. It was formed in 1985 to represent the whole of the industry and today has over 300 members, accounting for some 90% of premiums in the UK.

The ABI’s role is to:

Be the voice of the UK insurance industry, leading debate and speaking up for insurers.
Represent the UK insurance industry to government, regulators and policy makers in the UK, EU and internationally, driving effective public policy and regulation.
Advocate high standards of customer service within the industry and provide useful information to the public about insurance.

Promote the benefits of insurance to the government, regulators, policy makers and the public.
The UK insurance industry is the third largest in the world and the largest in Europe. It is
vital part of the UK economy, managing investments amounting to 24% of the UK’s total net worth and contributing the fourth highest corporation tax of any sector. Employing over 275,000 people in the UK alone, the insurance industry is also one of this country’s major exporters, with a fifth of its net premium income coming from overseas business.

Insurance helps individuals and businesses protect themselves against the everyday risks they face, enabling people to own homes, travel overseas, provide for a financially secure future and run businesses. Insurance underpins a healthy and prosperous society, enabling businesses and individuals to thrive, safe in the knowledge that problems can be handled and risks carefully managed. Every day, our members pay out £155 million in benefits to pensioners and long – term savers as well as £58 million in general insurance claims.

Photographs of Otto Thoresen are available from the ABI press office. Contacts above.

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Liz Forster
Assistant Director, Communications
ABI (Association of British Insurers)
t: 020 7216 7444
m: 07717 578 586
www.abi.org.uk

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