Lloyds Banking Group has made a number of senior management changes as it prepares for its pensions unit Scottish Widows to enter the bulk annuity market this year.
Scottish Widows’s intention to move into so-called ‘bulk’ annuities, whereby the insurer is paid to take on the liability for paying the pension of existing members of typically defined benefit schemes, was announced as part of Lloyds’s strategic review in October last year.
Scottish Widows said in February it will enter the market this year and that it sees this as a “key area of growth”.
Jeff Sayers has been appointed to the newly created role of managing director of bulk annuities and investment strategy. He joined Lloyds Banking Group in 2013 as the divisional risk officer for insurance and has led the development of the bulk annuities proposition since last year.
It follows the appointment of Emma Watkins, currently a partner at Lane Clark and Peacock, who will join on 1 June to support Mr Sayers.
Toby Strauss, group director for Insurance Lloyds Banking Group and Scottish Widows’ chief executive, said: “As an insurance business which is part of a large banking group, we believe we possess the key capabilities for this competitive marketplace and I am delighted that Jeff is taking on this new role.
“We plan to leverage our group strategic advantages - robust capital strength, iconic Lloyds and Scottish Widows brands, commercial banking relationships and asset origination skills to build a market leading franchise.”
Lloyds Banking Group also announced a number of changes to the insurance division leadership team.
Mario Mazzocchi, currently interim chief operating officer, will move to the new role of ‘at retirement’, bancassurance and protection director.
He takes over from Richard Jones, who has been appointed as managing director at Black Horse Finance, a position he will take up on 1 July 2015.
Tara Foley will returned to her role as chief operating officer for insurance next week. Catriona Herd will replace Mr Sayers as divisional risk officer for insurance on an interim basis.
James Hillman has been appointed as chief actuary, reporting to insurance finance director Andy Parsons. Mr Hillman joins from Ernst and Young where he led the insurance risk and actuarial team for Europe, Middle East, India and Africa.
donia.o’loughlin@ft.com
