Legal & General is putting more emphasis on its position in the annuity market by appointing Simon Gadd as the new managing director of annuities.
Gadd, currently managing director of the company’s group risk division, is also an expert in mortality risk, and he will take overall control of the annuity business in addition to continuing with his existing responsibilities.
The company says the appointment will "bring further refinement to our competitive offering", as it considers itself to be a market leader within the bulk purchase annuity (BPA) market, writing £877m in new business last year, as well as writing £722m of individual annuities.
Following Gadd’s appointment, Dennis Canham will remain as director of the BPA sector, while Phil Naylor, Legal & General’s senior retirement products actuary, will join a team focusing on longevity risk management.
John Pollock, products and corporate executive director at Legal & General, says as part of an on-going review of its activities, the company is bringing together expertise across the business to provide even greater focus on the annuity market.
He says in particular it is concentrating on the pricing of longevity risk, and on offering a high quality service for writing annuities, suggesting these steps will further refine Legal & General’s offering.
Pollock adds: “Simon has considerable experience in the group risk market. This demonstrates his ability to operate very successfully in a highly competitive arena. His expertise in mortality risk management will bring additional focus and expertise to bear on a key driver of annuity profit, longevity risk management.”
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