Pensions - Articles - L&G appoint Simon Gadd as CRO

 Legal & General Group Plc today announced the appointment of Simon Gadd, as Chief Risk Officer (CRO), and Kerrigan Procter, as Managing Director, Annuities Business.

  

 Commenting on the appointments, Group CEO 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 100’s of companies to derisk 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.”

 
 Legal & General delivered record sales in Q3 and YTD. Legal & General Investment Management (LGIM) manages assets of £391bn, of which £58bn are in Liability Driven Investment. Legal & General’s annuity business manages assets of £31bn.*

 
 Simon Gadd was previously Managing Director, Annuities Business, and has replaced Andrea Blance, who was the previous CRO and established the CRO function in 2010. Andrea has now become Finance Director, Savings Division. Kerrigan Procter was previously Head of Solutions, LGIM, and has been succeeded by Aaron Meder, who was previously Head of US Pensions Solutions.