Insurers scrambling for transferrable talent

Insurance firms are scrambling for transferable talent because increasing complex and burdensome regulation has created skills-shortages in the industry.

This is according to executive search firm Leathwaite, which issued a comment in response to the appointment of Sam Woods as executive director for the insurance supervision of the Bank of England.

Woods joined the Financial Services Authority (FSA) in 2011 and transferred to the Bank in 2013 with the integration of the PRA. He most recently served as director for financial stability strategy and risk, and prior to that was director for domestic UK banks supervision.

Huw Jones, director of the governance team in the EMEA region, said: “This high-profile, cross-field appointment is a direct result of the pressure the insurance sector is under. Firms are having to scramble for transferrable talent fromthe broader financial services sector to counteract the skills-shortages for insurance executives caused by increased regulation. Executives within wider financial services should be aware that there could be interesting opportunities within this sector.”