January 21, 2013 / 8:06 AM / 5 years ago

UPDATE 1-Streamlined Resolution says Williamson to be chairman

LONDON, Jan 21 (Reuters) - Insurance firm Resolution said former Standard Chartered boss Malcolm Williamson would be its new chairman when it overhauls a complex structure and transforms from an acquisition vehicle into an ordinary life insurer.

Resolution said on Monday Williamson would succeed Mike Biggs when he steps down as chairman later this year, and when the firm completes its move to a more conventional, simplified structure, which it announced in August.

That overhaul reflects the weakness of financial markets since 2008, which has weighed on insurance valuations and made owners reluctant to sell and has scuppered Resolution’s plan to buy, merge and sell underperforming life insurers.

Williamson has been chairman of Friends Life Group, the life assurer owned by Resolution, since February 2010 and has previously been chief executive of Asia-focused bank Standard Chartered, chairman of National Australia Bank’s European business and insurer Britannic and deputy chairman of Resolution.

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