Legal & General expands longevity insurance team


Anticipating further growth in the longevity risk transfer and pension plan de-risking sector, UK insurer Legal & General has added four to its Bulk Annuity & Longevity Insurance business to prepare it for serving clients longevity risk needs.

Two new hires join the Legal & General Bulk Annuity & Longevity Insurance team as Business Development Directors.

Alyssa Manning joins with seven years experience in Investment Banking gained while at Credit Suisse, where she held the role of Vice President in the Longevity Markets Group and Portfolio Management Group. While at Credit Suisse, Manning worked closely with clients to provide tailored longevity hedging solutions through longevity derivatives.

Kai Hoffmann joins with ten years experience in benefits consulting and pension scheme de-risking, most recently serving in reinsurance firm Swiss Re’s Longevity Solutions Team. While at Swiss Re Hoffmann worked with pension schemes and their advisers to implement longevity insurance solutions.  Before Swiss Re, Hoffmann worked as a pensions consultant at Aon Hewitt and an international benefits consultant at Mercer.

Two other new hires, Dominic Moret and Vanessa HoVon, join the Bulk Annuity & Longevity Insurance team as Senior Commercial Underwriters.

Dominic Moret has more than ten years experience in pensions consultancy, having previously worked at Towers Watson, where he advised both pension scheme trustees and sponsors on a wide range of issues, including liability tracking and risk management.

Vanessa HoVon has more than six years experience in the pensions industry, also having worked at Towers Watson where she was a pensions consultant. During her time at Towers Watson, HoVon 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 commented on the appointments; “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 liabilities, 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 said that it anticipates the pension scheme de-risking and longevity insurance market will grow beyond the £16 billion it saw transacted in 2013.

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