The Association of British Insurers have appointed Baroness Kay Swinburne to be its new independent chair.
Swinburne replaces Baroness Nicky Morgan who was the first person to hold the role.
Swinburne has had a successful career in financial services before working for 10 years as an elected member of the European Parliament. As an EU legislator Swinburne was vice chair of the Economics and Monetary Affairs Committee, helping shape EU and global financial services legislation.
After the UK left the EU Swinburne became vice chair of KPMG UK’s Financial Services practice and Chair of the EMA Risk & Regulatory Insight Centre. She has led specialist projects on financial regulation, including being a member of the FCA advisory committee on capital market infrastructure.
She entered the House of Lords as a peer and government whip in June 2023, and has served as a government minister the Department of Levelling Up, Housing and Communities. She continues to participate in legislation in the Lords with a particular interest in financial services, fintech and AI.
The ABI created the position of independent chair in 2021, along with the role of independent non-executive director, with a view to enhancing governance and enriching diversity and bringing fresh perspectives to the organisation.
Swinburne will chair the ABI board and serve in the role for an nitial period of three years. She joins Sacha Romanovitch as the ABI’s independent NED.
Swinburne says: “I look forward to working with the board members, the executive team and the sector more broadly as we build on the strong track record of insurance and long-term savings providers in recent years.
“There are some pressing issues ahead, particularly on consumer related matters and further supporting the UK’s economic growth. I look forward to steering the board as we seek to find ways to help tackle these challenges.”
Baroness Nicky Morgan adds:: “My time as ABI chair coincided with significant change for the insurance and long-term savings sector as we moved into a post-Brexit and post-pandemic era, defining new regulations, the way we work and tackling consumer trust. It has been an honour to lead the ABI’s board for the past three years and to work with the ABI’s outstanding management team led by Hannah Gurga as we’ve navigated these opportunities and challenges.”
Andy Briggs, ABI President and CEO of Phoenix Group, says: “[Swinburne’s] extensive experience across financial services in the UK and in Europe will be a great asset to our industry, especially at such an important time as we work to support the government’s vital growth mission.
“I’d also like to thank Nicky Morgan for her extensive contribution to the ABI, especially in driving forward our consumer-focused work and helping to establish the Investment Delivery Forum.”
