Friends raids Lloyds for new chief

25th Jan 2011 07:11

Friends Provident, the trading business of life insurance consolidator Resolution, has appointed Andy Briggs as chief executive with current incumbent Trevor Matthews moving to a new post of vice chairman.Friends said that Matthews has decided to move back to Australia within the next three years and it wanted a new CEO to lead the business through to an anticipated return to direct public market ownership.Briggs, who is expected to join within the next six months, currently works for Lloyds Banking where he is chief executive of General Insurance, having previously been CEO of Scottish Widows. Prior to that Briggs spent 19 years at Prudential.Matthews's new role as vice chairman will involve enhancing and promoting Friends role with major clients, key business partners, and other stakeholders.Resolution added that Friends' focus over the next two years will be integrating acquired businesses; realisation of cost synergies; and creating sustainable and cash generative propositions."There are a number of huge challenges and opportunities facing the UK life assurance industry and a significant agenda of work in creating value from Resolution's life consolidation project," Sir Malcolm Williamson, chairman of Friends, said.