Prettejohn is currently chairman of Brit Insurance Holdings NV and a director of Legal and General plc.
The appointment has been approved by the Chancellor of the Exchequer and before taking up the appointment Prettejohn will resign from the board of Legal and General.
The chairman of Court, Sir David Lees said: “I am delighted to welcome Nick Prettejohn to the Bank of England and to the PRA, where his wide knowledge of the insurance sector will be greatly valued.”
Outgoing governor, Sir Mervyn King, said: “I very much welcome Nick’s appointment and I am sure he will play an invaluable part in establishing the Bank’s new judgement-based approach to supervision in the UK.
