The Association of British Insurers has confirmed plans to move from its "expensive" Gresham Street headquarters to 1 America Square in a bid to lower costs for members.
The association has been based at Gresham Street for almost 25 years and it has long been the intention of ABI bosses to relocate to a more cost-effective premises.
The location of the move was unveiled at the ABI's biennial conference this morning (3 November)and was reported alongside the addition of two new members to its board in the form of AIG EMEA president and CEO Seraina Maag and Swiss Re UK and Ireland CEO Russell Higginbotham.
Andy Briggs, CEO of Aviva UK and Ireland Life, who already sits on the board, will also become deputy chair.
The board appointments are part of a package of reforms designed to make the ABI a modern, lean and agenda setting organisation.
Other changes announced by the ABI at its conference include:
• A new associate membership offering.
• A new, more focused committee structure to better reflect the long term savings market, with a forward facing long term savings committee to keep members ahead of the curve and a new Legacy committee to deal with historic issues.
Commenting on the changes, ABI chairman Paul Evans said: "I'm delighted to announce that we'll shortly be joined by Seraina Maag and Russell Higginbotham - each of them bringing strong voices and new perspectives to the debate. I'm also pleased to announce that Andy Briggs has taken on the role of deputy chairman - I look forward to working closely with Andy over the final year of my chairmanship.
"The ABI modernisation programme will be helped by an opportunity to move out of the very expensive and rather musty premises in Gresham Street. I am delighted to announce today that in early 2016 the ABI will be moving to new offices in 1 America Square. This offers a modern office facility, with much improved facilities for all our members, big and small - at a substantially lower cost to members."
He added: "A year ago, it became evident that the long term savings and life insurance committee was devoting too much of its time looking back over its shoulder to address issues of the past. Splitting it in two means we now have one committee focused on the needs of members with large books of inforce business, and one focused entirely on the future - new business models, new technology, new products, and hopefully, in time, new members."
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