Press releases

Legal & General expand the Bulk Purchase Annuity and Longevity insurance de-risking team with the appointment of another Sales Director.

Tom Ground - Director, Bulk Purchase Annuities
Tom Ground
Director, Bulk Purchase Annuities

11 July 2013

Tom Ground - Director, Bulk Purchase Annuities
Tom Ground
Director, Bulk Purchase Annuities
Kunal Sood has joined Legal & General's successful pension scheme insurance de-risking team, as a Sales Director. Kunal has over 9 years experience in Investment Banking and joins Legal & General from Credit Suisse where he was a Vice President in the Longevity Markets Group and Portfolio Management Group. He has extensive experience in structuring bespoke solutions for capital market counterparties acquired during his time at Credit Suisse and prior to that, at UBS Investment Bank, where he structured securitised credit and interest rate products.
Tom Ground, Head of Legal & General's Bulk Annuity and Longevity insurance de-risking business said: "Since the start of the year, Legal & General has announced over £5bn of pensions insurance de-risking transactions. This includes the £3.2bn longevity insurance arrangement with BAE, £1.4bnof liabilities with the purchase of Lucida Plc, €136m annuity reinsurance deal with New Ireland and the £386m of business announced in Q1. We expect to see further growth in both the Bulk Annuity and Longevity de-risking market over the rest of this year and so the expansion of the team means that we are even better placed to provide expertise and support to companies and trustees, to help them arrange the most appropriate pension scheme insurance de-risking solution.
Kunal's significant financial experience and expertise in executing bespoke transactions for clients will be a great addition to the team. The appointment further demonstrates Legal & General's commitment to grow its Bulk Annuity and Longevity Insurance business business, both in the UK and internationally."
Legal & General offers a range of de-risking solutions, which include, buyout, buy-in, longevity insurance, liability-driven investment (LDI), and the latest deferred premium facility, to pension schemes of all sizes. Legal & General is also able to tailor a combination of LDI and longevity insurance to provide "DIY buy-in" solutions and has an in-depth understanding of mortality trends and longevity risk.
Corporates, trustees or advisers looking for further information on the pension scheme insurance de-risking solutions available from Legal & General should call the team on + 44 (0)20 3124 2979.

Notes to editors

Background on Legal & General - Legal & General is one of the UK's leading financial services companies and one of the UK's top 50 companies in the FTSE 100 Index.

Legal & General has been an active participant in the insurance solutions pension de-risking market for over 25 years and has arranged over 3,250 bulk annuity policies. Legal & General's pensions insurance de-risking team were winners, along with Legal & General Investment Management, (LGIM), of the PIPA award for Best De-Risking provider 2011; voted Buyout Firm of the Year at the European Pension Awards in June 2012 and Risk Reduction Provider at the UK Pension Awards in May 2013.

Legal & General provides annuities to over 700,000 current pensioners and over 170,000 deferred pensioners.

The information contained in this release is intended solely for journalists and should not be used by consumers to make financial decisions.

Legal & General Assurance Society is authorised by the prudential Regulation Authority and regulated by the Financial Conduct Authority and the prudential Regulation Authority.
Legal & General Assurance Society Limited. Registered address: One Coleman Street,London EC2R 5AA. Registered in England No 166055.

For more information please contact:

Berni Ryan

Berni Ryan
PR Manager

t: +44 (0) 1737 375369
m: +44 (0) 7788 926790