Legal & General announces the appointment of Gene R. Gilbertson announced as president and chief executive officer of Legal & General America
Legal & General Group Plc ("Legal & General") is pleased to announce the appointment of Gene Gilbertson (photo) as President and Chief Executive Officer of Legal & General America (LGA). He has been serving in this capacity on an interim basis since 4 March 2015.
Nigel Wilson, Group Chief Executive, said: "We continue to successfully execute on our growth strategy through the five macro themes of ageing populations, globalisation of asset markets, welfare reforms, digital lifestyles and bank retrenchment. Gene is making key contributions to move our U.S. Protection and Pension Risk Transfer businesses forward and I look forward to working with Gene and the executive team as we grow Legal & General in the U.S."
Gene Gilbertson commented: "I am excited about taking over the role of President and Chief Executive Officer of Legal & General America. LGA is situated to capitalise on new opportunities in the U.S. including supporting the other Legal & General businesses in the US. The combination of LGA's market leading protection franchise, Legal & General Investment Management America's investment capabilities and Legal & General Retirement's global reach, positions Legal & General to achieve profitable growth in the U.S."
Prior to his role as interim President and Chief Executive Officer, Gene served in the role of Executive Vice President and Chief Financial Officer of LGA. He is also a director on the respective boards of the LGA operating entities and captive reinsurance companies. Gene has broad management experience that extends beyond finance and includes operations, human resources, sales, actuarial, legal and reinsurance roles during his career. He has been instrumental in LGA's growth in the U.S. protection market, which has resulted in LGA being a perennial top five writer of protection business. Gene has led the management of the transformational U.S. capital management programme, which has resulted in a significant growth in U.S. cash generation to Legal & General.
Notes to editors
LEGAL & GENERAL GROUP PLC:
Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £16.2bn (as at 16 July 2015) and is responsible for investing £737bn worldwide (as at 31st March 2015) on behalf of investors, policyholders and shareholders. We have over 10 million customers in the UK and US for life assurance, pensions, investments and general insurance plans. In 2014, Legal & General's operating profit (on the IFRS basis) was £1,275m and earnings per share were 16.70p for the period, an increase of 10% for both respectively. Legal & General's dividend per share was 11.25p for 2014, up 21% on the prior year's 9.30p per share.
LEGAL & GENERAL AMERICA:
For over 65 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and its subsidiary William Penn Life Insurance Company of New York. With more than $73 billion in new coverage issued in 2014, LGA ranked 5th in the U.S. and ended 2014 with in excess of $634 billion of coverage In force with nearly 1.2 million U.S. customers. LGA shares Legal & General's independent financial strength ratings: A+ Superior from A. M. Best and AA- Very Strong from Standard and Poor's and Fitch.
GENE R. GILBERTSON:
Gene R. Gilbertson has been appointed President and Chief Executive Officer after serving on an Interim basis since 4 March 2015. In his previous role as Executive Vice President and Chief Financial Officer of Legal & General America, Inc. (LGA), his responsibilities included all finance, tax, treasury and corporate planning functions for LGA and consolidated subsidiaries, including Banner Life Insurance Company, William Penn Life Insurance Company of New York and several captive insurance companies. Additionally, he is a member of the Board of Directors for each of those respective companies. Gene served honorably in the U.S. Air Force from 1967 through 1971. Subsequent to his service, he held a variety of audit, tax and financial positions at KPMG, Marriott Corporation, GEICO and LGA. He has nearly 30 years of experience in the insurance industry. He has broad management experience that extends beyond finance and includes operations, human resources, sales, actuarial, legal and reinsurance roles during his career.
Gene has substantial experience in a variety of financing (both public capital markets and private solutions) transactions for funding required reserves, including the first of its kind solution incorporating a New York domiciled insurer. He has significant M&A experience involving both acquisitions and dispositions of companies and closed blocks of business.
Gene is an accomplished financial executive with excellent communication and leadership skills. He is a member of the American Institute of Certified Public Accountants and a member of the Maryland Association of Certified Public Accountants. He is a Chartered Life Underwriter and a Fellow of the Life Management Institute. He graduated with honors, Magna Cum Laude, from California State University, Northridge majoring in Business and Accounting. Gene was the recipient of a number of scholarships and awards including the Florence Jeanne Goodman Scholarship and the Bank of America Business Scholar award. Gene and his wife, Jacalyn, live in Myersville, Maryland with their three children, Russell, Justin and Kelley.
For more information please contact:
Head of Group Corporate Communications
t: +44 (0) 2031 242095
m: +44 (0) 7515 324001