Kane will continue to lead insurers

Published on Thursday 21 May 2009 21:29

ARCHIE Kane, chief executive of Edinburgh-based Scottish Widows, will remain as chairman of the Association of British Insurers until spring 2010, it was announced yesterday.

Kane was due to step down from the ABI role this July, but the trade body said yesterday that its board had unanimously decided to extend his tenure.

The ABI said this would enable Kane, whose Widows' group is owned by Lloyds Banking Group, "to continue to play a leading role in shaping the next stage of the ABI's response to the financial crisis and help UK financial services pull through the recession".

The ABI board has been discussing the possibility of extending Kane's tenure for some time to allow him to continue to lead the ABI "as it responds to a large number of reviews on the future of financial services regulation and other important issues, including the Chancellor's Insurance Industry Working Group".

Kane commented: "I am pleased to have been asked to stay on. Circumstances remain challenging for all financial services sectors, and while the insurance industry is in a good position to weather the continuing storm, it is not immune from difficulties."