Legal & General expands Bulk Annuity & Longevity Insurance team with senior appointments ahead of anticipated growth beyond the Â£16bn 2013 pension scheme de-risking market.
20 May 2014
Legal & General’s Retirement business has made a number of key appointments to the Bulk Annuity & Longevity Insurance business in response to continued growth in pension scheme de-risking activity in 2014.
Alyssa Manning and Kai Hoffmann have joined Legal & General's Bulk Annuity & Longevity Insurance team as Business Development Directors.
Alyssa Manning joins with seven years experience in Investment Banking while at Credit Suisse, where she was a Vice President in the Longevity Markets Group and Portfolio Management Group. During her time at Credit Suisse, Alyssa worked closely with clients to provide tailored solutions through longevity derivatives.
Kai Hoffmann has nearly ten years experience in the benefits consulting and pension scheme de-risking space and joins most recently from Swiss Re’s Longevity Solutions Team, where he worked with pension schemes and their advisers to implement longevity insurance solutions. Prior to Swiss Re, Kai worked as a pensions consultant at Aon Hewitt and an international benefits consultant at Mercer.
In addition, Dominic Moret and Vanessa HoVon have joined as Senior Commercial Underwriters to also support Legal & General’s Bulk Annuity & Longevity Insurance team.
Dominic Moret is a Fellow of the Institute and Faculty of Actuaries and has more than ten years experience in pensions consultancy, having previously worked at Towers Watson. He has extensive knowledge of the defined benefit pensions market, built up from advising both pension scheme trustees and sponsors on a wide range of issues, including liability tracking and risk management.
Vanessa HoVon has over six years experience in the pensions industry and joins Legal & General from Towers Watson where she was a pensions consultant. During her time at Towers Watson, Vanessa advised both trustees and sponsors of UK pension schemes on funding, de-risking solutions and wider pension scheme management.
Tom Ground, Head of Legal & General's Bulk Annuity & Longevity Insurance business said:“Alyssa, Kai, Dominic, and Vanessa join the team at an exciting time. In the first quarter of 2014, Legal & General completed over £3bn of pensions de-risking transactions, which included the buy-in with the ICI Pension Fund, which was the largest bulk annuity arrangement completed to date in the UK.
Based on our experience, we believe that the pension scheme de-risking space will see more growth as corporates and trustees take the opportunity to de-risk scheme liabiites, using the wider range of innovative options now available to them. Kai’s considerable experience in the longevity and pensions consulting space and Alyssa’s expertise in delivering bespoke solutions to clients makes them an excellent and timely addition to the team.
Dominic’s and Vanessa’s actuarial experience provides further expertise to the team in supporting the innovation and expansion of Legal & General’s range of tailored de-risking solutions for pension schemes.
These four senior appointments demonstrate Legal & General's commitment to grow its Bulk Annuity & Longevity Insurance business and mean that we will be better placed to meet the increased demand to provide expertise and support to companies, trustees and their advisers, in arranging the most appropriate pension scheme insurance de-risking solution for their needs.”
Legal & General offers a range of de-risking solutions, which include buyout, buy-in, longevity insurance and liability-driven investment, (LDI), 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.
For more detail or to discuss the various de-risking solutions available from Legal & General then the Bulk Annuity and Longevity Insurance team are available on 0203 124 2978.
Photos of the new team members are available on request.
Journalists wanting further information or to arrange an interview should contact Berni Ryan (contact details below).
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 solution pension de-risking market for over 27 years and was awarded Risk Management Provider of the year at the 2014 Pensions Age Awards and Risk Reduction Provider of the year at the UK Pensions Awards for two years running, in 2013 and more recently in May 2014.
Legal & General Retirement provides income to 770,000 pensioners (2012: 705,000). In total we insure one million customers, including deferred pensioners who rely on us for their future pension arrangements and the pensioners whose financial security we support by protecting their pension schemes against longevity risk.
Over £8bn of pension scheme liability was insured by Legal & General in 2013 across buy-ins, buy outs, longevity insurance as well as, the acquisition of Lucida Ltd, a closed annuity buy out company with £1.4bn of annuity assets. As well as the ICI pensions scheme for £3bn announced in March 2014, Legal & General has covered 3 other schemes with pension scheme liabilities of over £1bn. Previous transactions being the buy-in with Turner & Newall Pension Scheme in (£1.1bn 2011), the longevity transactions with the Pilkington Superannuation Scheme (£1bn in 2012) and BAE Systems 2000 Pension Plan (£3.2bn in 2013).
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 Limited 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 Number 166055.
For more information please contact:
t: +44 (0) 1737 375369
m: +44 (0) 7788 926790