ABI chief Thoreson quits to become Nest chairman

Otto Thoresen is set to step down as the director general of the Association of British Insurers to chair the trustee board of the National Employment Savings Trust.

Mr Thoresen joined the ABI in April 2011. Huw Evans, ABI’s deputy director general, will succeed Mr Thoresen in February 2015 when Mr Otto Thoresen joins Nest.

Mr Thoresen said: “It has been a privilege to lead the ABI during a critical point in its evolution.

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“While it will be a personal wrench to leave the organization, the opportunity to chair the trustee board of Nest at a key stage in the delivery of pension reform was an opportunity I couldn’t pass by.

“The role also gives me the scope to develop some of my other interests, in the third sector and elsewhere.”

Paul Evans, ABI chairman, said: “On behalf of the ABI board, I would like to take this opportunity to thank Otto for his dedication, resolve and for all that he has achieved for the ABI and its members over the last four years.

“His appointment by the Department of Work and Pensions to the chairmanship of Nest is a wonderful testament to Otto’s high standing across both industry and government.”

He added that the board were unanimous in their support of Huw Evans as the incoming director general “noting the key role he has played in driving the policy agenda, but also in his determination to enhance further the efficiency and effectiveness of the ABI”.

He continued: “Having worked closely with Huw over recent years, I am confident that his personal energy, his knowledge of this industry, and his strong focus on both member and customer outcomes, will provide for excellent stewardship for the ABI over the coming years.”

Huw Evans, said: “In the current environment of high levels of regulatory and legislative change across the insurance sector, the need for an effective trade body is greater than ever - there is huge value to be gained from collaborative efforts on key policy issues.

“My experience of working with ABI members on issues as varied as Flood Re, pension reform and the ageing society has shown me the power and potential of what we can achieve as an industry when we work together.

“Otto and I have worked very closely over the last few years and I am looking forward to accelerating the momentum we have established”.