Legal & General (L&G) has appointed Simon Gadd as chief risk officer, and Kerrigan Procter as managing director of the group's annuities business.
Gadd was previously managing director of annuities business, and has replaced Andrea Blance, who was the previous chief risk officer.
Blance has now become finance director of the savings division.
Procter was previously head of solutions for L&G Investment Management (LGIM), and has been succeeded by Aaron Meder, who was previously head of US pensions solutions.
Commenting on the appointments, group chief executive Nigel Wilson said:
"The successful management of risk is at the heart of everything we do. Simon's expertise from running the annuity business can only help to increase our risk management expertise across the group.
"I look forward to working with Simon and team, as they keep us at the forefront of risk management, and ensure the robust oversight of the risks we manage.
"Kerrigan and Simon have helped hundred's of companies to de-risk their pension schemes. This has been achieved by Liability Driven Investments (LDI), pension scheme buy-outs, buy-ins and longevity contracts.
"Pension funds are demanding more and more integrated derisking solutions, and Kerrigan's move to running the annuity business will enable us to continue to innovate and deliver the best integrated solutions to our clients across our investment management and annuity business."
L&G delivered record sales in Q3 and year to date. LGIM manages assets of £391bn, of which £58bn are in Liability Driven Investment. Legal & General's annuity business manages assets of £31bn.
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