Legal & General has formed a new trans-Atlantic insurance division to bridge its UK and US offerings.
Legal & General Insurance will be led by Bernie Hickman, who became L&G Home Finance chief executive and Individual Retirement managing director in 2014 and has held roles at the company including UK Protection managing director, group financial controller, and investor relations director.
Legal & General Insurance will offer life insurance, critical illness cover and income protection across the UK and US. L&G wants to grow the US business so it offers multiple products and uses technology in a similar way to the UK business.
Group chief executive Nigel Wilson says: “Bernie is a proven successful leader. Legal & General has two large successful international businesses, Legal & General Investment Management, and Legal & General Retirement. We are now developing our third international business, our insurance business.”
Hickman adds: “Technology is playing an ever-increasing role in all areas of the UK and US insurance markets, with digital marketing and straight-through processing becoming ever more important. It’s therefore a great opportunity and an exciting time to combine our UK and US expertise, technology and insights, to grow our existing businesses and establish new, digital insurance businesses in selected international markets.”
Legal & General America has more than one million life insurance customers, and $1.2bn (£968m) of gross written premium.
Source: Money Marketing