Appointments: L&G’s Procter to lead M&G’s bulk annuities team

M&G has hired Kerrigan Procter to lead its nascent bulk annuities business as managing director.

He will take on leadership of the company’s Corporate Risk Solutions team from January, and report to CEO Clive Bolton.

Procter is currently interim CEO of Legal & General (L&G) Investment Management America, having worked for L&G in a variety of roles since 2006. He previously led the financial services giant’s Alternative Assets and Retirement businesses as CEO.

At M&G, Procter will spearhead M&G’s bulk annuity business, which has insured nearly £1bn of liabilities in three transactions since re-entering the market last year. The most recent deal, announced in July, saw M&G secure 3,700 members of the defined benefit (DB) scheme for machinery firm NSK.

Procter’s role will also encompass M&G’s workplace savings business, which caters for 435,000 savers.

Bolton said Procter’s knowledge and experience “underlines M&G’s commitment to the [bulk annuities] market as we accelerate our plans to support more clients through their derisking journey”.

Procter added: “I am thrilled to be joining M&G at a time when many DB pension schemes are looking to secure their members’ pensions by entering into a buy-in transaction with an insurer.

“With its differentiated business model, deep expertise in private markets and clear strategy, M&G is well-placed to develop innovative insurance solutions to help more schemes achieve their derisking goals.”

Hymans grows risk transfer and LGPS teams

Catherine Thain and Christian Ah-See have joined Hymans Robertson’s Edinburgh office to bolster its risk transfer team.

Thain joins from Lloyds Banking Group where she worked in insurance for 12 years, including four years at Scottish Widows as an actuarial manager.

Ah-See was previously at Barnett Waddingham where he specialised in investment issues related to buy-ins and buyouts.

Meanwhile, the consultancy group has also made two hires to its governance, administration and projects team serving the Local Government Pension Scheme (LGPS).

Michael Burton has joined as a consultant, having previously worked for the Pensions Regulator and as head of the governance and compliance team at the East Sussex Pension Fund.

Con Hargrave has held several local and central government positions, including at the Ministry for Housing, Communities and Local Government where he was a senior policy adviser in the local government pensions team. He has also worked for the Local Government Association and the London Pensions Fund Authority.

Additionally, Claire McDines has been promoted to associate consultant in the same team. She has worked at Hymans Robertson for 10 years.