Prior to AmTrust, Bulley was the director of life insurance supervision at the Bank of England’s Prudential Regulation Authority. In this role, Bulley also led all aspects of the Solvency II implementation in the UK.
Solvency II is the prudential regime for insurance and reinsurance undertakings in the EU which came into effect in 2016. Solvency II sets out requirements applicable to insurance and reinsurance companies in the EU to ensure adequate protection is given to policyholders and beneficiaries.
In a speech, Bulley expressed that “the founding aims and principles of the new Solvency II regime, in particular the emphasis on proportionately and policyholder protection, underpinned by the Directive’s enshrining of the prudent person principle in assessing risk strategies, complements, indeed enhances, the PRA’s supervisory approach very well.”
Earlier in his career, Bulley spent over 15 years working in the Financial Conduct Authority, with roles including head of major insurance groups. In this role, Bulley led the FCA department responsible for the supervision and business model analysis of the UK’s major international insurance groups.
He was a member of the project board overseeing the implementation of Solvency II/IMAP in the UK and was involved in the UK's move to twin peaks financial services regulation.
Commenting on Bulley’s appointment, Angel Mas, AEL chief executive has said:
“I am delighted with Andrew's appointment as chair of AEL's Board and with Peter's addition to the board.”
Alongside Andrew Bulley, Peter Goddard has also been appointed to the AEL board as chair of the risk and compliance committee, following regulatory approval.
Goddard joined AmTrust earlier this year as an independent non-executive director and has over 30 years of experience in the international insurance and reinsurance industry, including the Lloyd's market.
Commenting on Goddard’s appointment, Angel Mas, AEL chief executive has said:
“We continue to benefit from Andrew's broad regulatory and industry sector experience, which has made him a hugely valuable addition to the board. We will also benefit immensely from Peter's knowledge of the market, underwriting, and distribution expertise as we continue to pursue growth in our key lines of business.”