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Legal & General appoints new Pension Risk Transfer senior team members
Legal & General Retirement Institutional (LGRI) today announces three changes to its Pension Risk Transfer (PRT) senior team.
12 Jan 2021
John Towner, who has spent two and a half of his past six years at LGRI as Head of Origination and Execution, will now take on additional responsibilities for origination of new business globally as Head of New Business. As well as continuing his overall responsibility for UK new business - encompassing origination, pricing and execution - John will support, and work with, Sheena McEwen, Head of Distribution in Legal & General’s US PRT team, driving further collaboration between the UK and US teams of a global PRT business.
Dominic Moret assumes the position of Head of Origination and Execution, where he will lead the UK PRT transaction team and be responsible for managing external relationships and developing the pipeline of new business opportunities to support LGRI’s growth ambitions. Dominic has worked as a Director in LGRI’s new business team for the past seven years and has led on several major PRT transactions.
In addition, Gavin Smith, a Director in our Pricing and Execution team who joined Legal & General in 2015, moves into the role of UK Head of Pricing and Execution. In this role, Gavin will be responsible for ensuring that transactions are priced efficiently and effectively and that LGRI has the systems in place to support the growing levels of new business.
Both Dominic and Gavin will report to John, with the team supporting LGRI in continuing to deliver for pension trustees, sponsoring companies and members in 2021.
Laura Mason, Chief Executive Officer, Legal & General Retirement Institutional: "I'm pleased to congratulate my colleagues on their new roles and responsibilities. As we look ahead to an increasingly active year, I believe that these appointments will ensure that Legal & General continue to deliver security for trustees and their scheme members in the UK and internationally.These appointments are part of our commitment to our global PRT business operations and targets of transacting £40-£50bn in the UK and $10bn in the US over the next five years."
Further information
Margrit Williams
Director of External Engagement
Legal & General Capital
Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
Institutional Retirement works with trustees and sponsoring companies of defined benefit (DB) pension schemes of all sizes to settle their pension obligations and secure scheme members’ benefits, through a full range of buy-ins, buyouts and other de-risking solutions. Our Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level. Legal & General is the UK’s longest-standing active bulk annuity provider.
Our UK Retirement annuity book stands at an estimated £86.1 billion at 31 December 2023. Across the group over £30 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing. Legal & General provides income and pension security to more than a million retirement customers around the world.