Nationwide Building Society has become the latest organisation to join the Association of British Insurers as a member.
Yesterday (15 June) the ABI announced the building society has joined as as associate member, a category that a spokesman for the trade association said has been developed to meet interest from non-insurance companies.
The spokesman for the trade body, which recently moved from its expensive Gresham Street headquarters in the City in a bid to cut costs due to falling membership, said associate membership is open to legal firms, consultants, price comparison sites and the wide variety of suppliers, including software houses, who help insurers deliver their services.
Nationwide signing up to the ABI came just a day after Old Mutual Wealth rejoined the organisation as a member.
It was back in 2008 that Skandia, which was bought by Old Mutual in 2007, decided to ditch the ABI.
Nick Poyntz-Wright, who was Skandia’s chief executive back in 2008, said at that time his business model no longer had a significant alignment of interests with the broader ABI membership.
In recent years Aegon and Legal & General have also turned their backs on the trade body.
Huw Evans, ABI director general, said: “Nationwide are a household name with a strong reputation, and the ABI’s associate membership provides a great opportunity for them to work more closely with industry stakeholders and develop significant policy initiatives.”
Martyn Dyson, Nationwide’s head of general insurance, said: “Nationwide is the world’s largest building society, selling a range of insurance products, and this membership further cements our position in the market.
“We look forward to building on the relationship we already share with the ABI and working even more closely with the insurance industry.”
ruth.gillbe@ft.com
