Legal & General (L&G) has appointed former managing director of its annuities business Simon Gadd as chief risk officer with Kerrigan Procter replacing him as head of the annuities division.
Gadd has replaced Andrea Blance, who established the chief risk officer position in 2010 and has been promoted to finance director of L&G’s savings division.
L&G chief executive Nigel Wilson (pictured) said: 'Kerrigan and Simon have helped 100’s of companies to de-risk their pension schemes. This has been achieved by liability driven investments, pension scheme buy-outs, buy-ins and longevity contracts.
'Pension funds are demanding more and more integrated de-risking 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.'