Further new addition to Legal & Generalâ€™s Bulk Annuity and Longevity Insurance team to support the development of insurance de-risking solutions.
26 June 2012
In addition to the recent announcement of four senior appointments, Legal & General Retirement has appointed James Lumb as a Solutions Director in the Bulk Annuity and Longevity Insurance team.
James is a Fellow of the Institute of Actuaries and joins from corporate finance boutique TradeRisks where he advised companies in the essential services and infrastructure sectors on corporate finance and treasury issues. James has expertise in the structuring of long term secured debt, issued by these businesses to meet the investment needs of pension funds and annuity providers. Prior to TradeRisks, James was a corporate pensions consultant in Ernst & Young’s pension’s advisory practice, working with corporate businesses on a wide range of pension scheme issues.
Legal & General's Head of Bulk Annuity & Longevity Insurance business, Tom Ground, said: “James is an excellent addition to the team. As we continue to look for innovative solutions for our clients, as part of our commitment to deliver de-risking solutions that meet the needs of pension schemes of all sizes, his experience and expertise will be a great asset.
With more companies realising that insurance de-risking is within their reach, James’ experience of long dated secured investment opportunities will be used to ensure we continue to develop new innovative and affordable de-risking solutions for our clients. We are recognised for our innovation and our ability to offer tailored solutions - such as the recently completed deferred premium buy-in with the RetailLink Management Limited Pension Plan and we believe we have a team with the ability to continually rise to the challenge and deliver insurance de-risking solutions, to match the growing demands.”
Legal & General offers a range of de-risking solutions, which include buyout, buy-in, longevity insurance and liability-driven investment, (LDI), to pension schemes of all sizes. Legal & General is also able to tailor a combination of LDI and longevity insurance to provide "DIY buy-in" solutions and has an in-depth understanding of mortality trends and longevity risk.
For more detail or to discuss the various de-risking solutions available from Legal & General then the Bulk Annuity and Longevity Insurance team are available on 0203 124 2978.
Photos of the new team members are available on request.
Notes to editors
Background on Legal & General
Legal & General is one of the UK's leading financial services companies and one of the UK's top 50 companies in the FTSE 100 Index. Legal & General has been an active participant in the insurance solution pension de-risking market for over 27 years and was awarded Risk Management Provider of the year at the 2014 Pensions Age Awards and Risk Reduction Provider of the year at the UK Pensions Awards for two years running, in 2013 and more recently in May 2014.
Legal & General Retirement provides income to 770,000 pensioners (2012: 705,000). In total we insure one million customers, including deferred pensioners who rely on us for their future pension arrangements and the pensioners whose financial security we support by protecting their pension schemes against longevity risk.
Over c£8bn of pension scheme liability was insured by Legal & General in 2013 across buy-ins, buy outs, longevity insurance as well as, the acquisition of Lucida Ltd, a closed annuity buy out company with £1.4bn of annuity assets. As well as the ICI pensions scheme for £3bn announced in March 2014, Legal & General has covered 3 other schemes with pension scheme liabilities of over £1bn. Previous transactions being the buy-in with Turner & Newall Pension Scheme in (£1.1bn 2011), the longevity transactions with the Pilkington Superannuation Scheme (£1bn in 2012) and BAE Systems 2000 Pension Plan (£3.2bn in 2013).
The information contained in this release is intended solely for journalists and should not be used by consumers to make financial decisions.
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