Insurer Legal & General has appointed the CEO of its retirement business arm, Kerrigan Procter, as a group executive director.
Kerrigan’s appointment takes effect on March 9. Since 2013, he has been managing director of Legal & General Retirement (LGR), which is the company’s largest division by operating profit.
“I am delighted that Kerrigan is joining the board,” said company chairman John Kingman. “As Legal & General Retirement continues to build on its successes and expand internationally, the Board will greatly benefit from closer interaction with the LGR business and from the expertise that Kerrigan will bring to the Board.”
In his current role, Kerrigan oversees the retirement business that serves over a million customers and invests more than £50 billion of assets to back Legal & General’s annuity promises to its pensioners.
Kerrigan was head of solutions at Legal & General’s asset management business from 2006 to 2012. He was then responsible for liability-driven investment and fund solutions for defined benefit and defined contribution pension schemes across Europe and the US.
In addition to this appointment, Legal & General also revealed that Ernst & Young senior partner Jeff Davies will take up on his previously announced appointment as group CFO, also on March 09.
Davies will replace Mark Gregory, who will be staying with the company until August 31, according to previous reports.
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