Chris Moulder, the Prudential Regulation Authority (PRA)’s general insurance director, will exit the UK watchdog at the end of June according to reports.
The Insurance Insider has said that Anna Sweeney, the PRA’s current director for life insurance, will assume Moulder’s responsibilities when he leaves next month.
According to a PRA biography, Moulder currently leads over 150 insurance supervisors and actuaries, overseeing the activities of more than 400 insurance firms.
Moulder joined the UK regulator in December 2011 after spending more than 25 years at KPMG and presently serves as the PRA’s most senior non-life insurance supervisor. Prior to joining KPMG, he served in the armed forces for nine years as a Royal Engineer.
Most recently, he oversaw work on a public stress test for the London market to find out how it would respond to a range of simulated events incurring cumulative insured losses of around $200bn.
The dry run exercise tested 28 London-based non-life insurers and brokers on their resilience to a highly destructive hurricane, an unprecedented cyber-attack, a large stock market decline, and major re-insurer default, occurring in quick succession.
Other highlights of Moulder's career at the UK regulator include a thematic review of pricing which was held last year and a "Dear CEO" letter to the market last July in which he expressed concern over the sustainability of reserve releases.