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The appointment is likely to be subject of discussion between ABI board members and – given the time required by the role – the life assurance group’s directors. The ABI and Prudential declined to comment.
Mr Thiam was two years ago offered a seat on the board of Société Générale, the French bank, as a non-executive director. But he turned down the offer after Prudential investors expressed amazement that he could consider the role while trying to seal an ambitious $35 billion takeover of Asian rival, AIA.
Since the aborted AIA deal, Mr Thiam has worked hard to regain investor trust, and shares in the UK’s biggest insurance company by market capitalisation have recovered. The chairman of the ABI acts as a spokesman for the UK’s insurance industry and represents companies with about £1.7 trillion of assets under management.
Like Mr Breedon, Mr Thiam has been a fierce critic of the EU’s forthcoming Solvency II capital requirements. Prudential said earlier this week it might still uproot its headquarters from London – most probably to Asia – because it remained concerned about how its US arm would be treated under the rules.
The ABI also represent UK arms of overseas insurers. Clem Booth, chairman of Allianz UK, sits on its board. Other board members include David Nish, Paul Geddes and Simon Lee, respectively chief executives of Standard Life, the Direct Line Group and RSA.
His other roles include a member of the Africa Progress Panel, chaired by Kofi Annan, and he has also chaired a G20 panel on infrastructure investment. Earlier this year he was appointed to the UK prime minister’s business advisory group.
Mr Breedon is also standing down as chief executive of L&G at the end of June.
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