Legal & General has taken its next step into the offshore market with the appointment of a new chief executive for its Irish operation.
The insurer confirmed earlier this year its plans for a new international life company – Legal & General International – which will be based in Ireland but initially target UK investors.
It has now confirmed David Fagan, previously chief executive of Irish Life and Permanent Group’s cross-border life company Irish Life International since 1998, has taken up the position of chief executive for Legal & General International.
Simon Pistell, managing director of individual wealth at Legal & General, says the firm is delighted it has been able to attract someone of Fagan’s calibre and experience to head up “this important new company for Legal & General Wealth Management”.
He adds: “Our move into the international market is a key step to further growth in the high net worth arena. David has a deep knowledge of the international market and this will be extremely beneficial to us as we focus on delivering our first products into the UK market in the second half of this year.”
Legal & General is one of very few UK life insurers without an offshore presence. It says the decision to set up a new company follows the launch last year of its open architecture products Portfolio Bond and Portfolio Plus pension.
Once the new firm has received regulatory approval from the Irish Financial Services Regulatory Authority it plans to target UK investors with an International Pooled Portfolio Bond and International Discounted Gift Scheme.
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