Legal & General Group plc. today announces senior management changes in its Legal & General Retirement (LGR) and Legal & General Capital (LGC) divisions.
16 Nov 2017
These two divisions collectively contributed £708m in Operating Profit in H1 2017 (FY 2016: £1,066m) and are core components of Legal & General’s growth strategy.
Kerrigan Procter has been CEO of the LGR business division since 2013.
Kerrigan, who is a member of Legal & General’s Group Board and of its Executive Committee, will now move to become CEO of Legal & General Capital (LGC).
Prior to heading LGR, Kerrigan’s strong track record of delivery in senior roles included responsibility for Liability Driven Investments (LDI) within Legal & General Investment Management. His move to LGC will ensure that the powerful synergies across Legal& General’s principal balance sheet businesses are maximised.
Chris Knight is head of LGR Retail, with responsibility for a wide range of retirement products, notably Lifetime Mortgages and Individual Annuities. As CEO of that business, he will join the Group Executive Committee and report directly to Nigel Wilson. LGR Retail’s market share in Individual Annuities is increasing and is now 13%, and Legal & General Home Finance under Chris’ leadership has a market share of over 30% in Lifetime Mortgages.
Laura Mason is promoted to become CEO of LGR Institutional. She will also report directly to Nigel Wilson and join the Group Executive Committee. This will build on her experience of running Legal & General’s Direct Investments, and before that, of managing investments for LGR.
The management changes will take effect from the New Year.
Commenting on the changes, Group CEO Nigel Wilson said:
"These changes increase Legal & General’s capability to accelerate the growth of our business and maximise synergies between our divisions. Kerrigan, Laura and Chris are representative of the outstanding leadership we have at Legal & General. They combine extensive industry experience with intellectual rigour, and they are great team players. I have every confidence they will deliver terrific outcomes for all of our stakeholders."
Kerrigan Procter has been CEO of Legal & General Retirement at Legal & General since January 2013. He oversees a retirement business that helps over one million customers achieve financial security in retirement and invests over £50bn of assets to back L&G’s annuity promises to pensioners.
He was previously Head of Solutions at Legal & General Investment Management from 2006 to 2012 where he was responsible for Liability Driven Investment and multi-asset funds for defined benefit and defined contribution pension schemes.
Prior to joining Legal & General, Kerrigan worked at RBS in the financial markets division where he held several roles including Head of Pensions Advisory, Head of Credit Risk Measurement and Director of Interest Rate Derivative Structuring. Kerrigan started his career in 1994 with Ernst & Young Corporate Finance before moving to Mercer where he was both an investment consultant and responsible for ALM in Europe.
Kerrigan is a member of the Board of Legal & General Group Plc. He is a Fellow of the Institute of Actuaries, has a First Class Honours Degree in Mathematics from Reading University and a PhD in number theory from King's College, London.
Laura Mason has a First Class Honours Degree in Engineering Science from University of Oxford, and a PhD in Engineering Science (Neural Networks and Signal Processing) also from the University of Oxford.
She is a qualified Actuary and spent eight years at Towers Watson as consultant to all the major UK Life Insurers. She joined Legal & General in 2011 where she was initially responsible for Annuity Investment strategy, covering all credit assets, liquidity, hedging and regulatory capital. During this time she was responsible for developing the first mandates for Direct Investments for L&G Annuities (property, real estate, private debt and infrastucture debt) that are now a key part of L&G's PRT success.
Since 2014 she has been part of the senior management team setting up L&G capital - creating and successfully investing in new asset classes for long term investors such as annuity funds; DB and DC pension funds in the following sectors in the UK: Housing, Urban Regeneration, Clean Energy and SME Finance.
Chris Knight has a First Class Honours Degree in Economics from Cambridge University.
He is a qualified actuary with 28 years’ experience in the Life Insurance and Pensions industry, including extensive overseas experience in North America, Asia, Europe and Africa.
Having spent 10 years in consulting, including with Willis Towers Watson and PWC, he joined Legal & General in 2009, serving as CFO for the International, Protection and Annuities, LGAS and LGR divisions. Since 2016 he has been Managing Director, LGR Retail and CEO of Legal & General Home Finance.
This announcement may contain certain forward-looking statements relating to Legal & General, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General’s control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of
competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General’s actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this announcement or any other forward-looking statement it may make.