Clare Bousfield, chief executive, retail and savings at M&G plc, becomes the new ABI Deputy President.

Both will take up their new roles immediately.

Mr O’Dwyer was the first person to hold the role under ABI governance changes introduced in 2021, alongside Cristina Nestares, UK CEO, Admiral Group plc, as Deputy President.

Mr Bailey will hold the role for the next two years.

Ms Bousfield is stepping down shortly from her role at M&G, as previously announced and will take up the ABI role immediately. The ABI says that her work leading the ABI board sub-group on Solvency II will be valuable as the sector moves towards new Solvency UK regulations.

Baroness Nicky Morgan, ABI chair, said: “I’m delighted to announce Tim Bailey and Clare Bousfield as ABI President and Deputy President. Their experience, insight and leadership will be greatly valued, particularly at such an important time for the industry as we prepare for the introduction of Solvency UK.”

“I would like to thank Barry and Cristina for their dedication and commitment to the roles. They have made an important contribution to the ABI and we’re grateful to continue working with them as members of the ABI Board.”

Mr Bailey said: “It’s an honour to take on the role of ABI President. I strongly believe in the role the ABI has to play in driving change to protect and build a thriving society. Working together as an industry, and in partnership with government and regulators, is key and I look forward to supporting members to deliver that over the next two years.”

Ms Bousfield said: “Having led the ABI’s work on Solvency UK, which is a once in a generation change to our regulatory regime enabling billions of pounds of investment into UK productive assets, I am passionate about driving through how we as an industry deliver the benefits. It’s a privilege to hold the role of ABI Deputy President at this time, and I look forward to working with Tim and the rest of the board in the months ahead.”