Aegon UK has made its protection director redundant after just eight months as part of an overhaul of its protection team.
Previously he was chief operating officer at Legal & General and spent three years as head of group partnerships at the Britannic Group.
The protection distribution director role held by Martin Williamson has also been made redundant. Williamson is currently under consultation and being invited to apply for other roles in the company.
Retail strategy director Dougy Grant has been hired for a new beefed-up protection director role with responsibility for proposition, distribution and financials.
Six new roles are being created in the distribution team including a distribution development director and a head of protection sales.
Aegon UK managing director of retail and at-retirement Duncan Jarrett says: “Protection remains a core part of the Aegon UK strategy. Recent investment in the proposition has driven strong results and these improvements will continue.
“Aegon’s aim is to get the UK ready for retirement and protection is a key part in making sure those plans are robust enough so that when the unthinkable happens, our customers can concentrate on what matters without worrying about money.”
Last month it was revealed that financial services outsourcer Serco was cutting 25 roles from the department which administers Aegon’s protection business.
Worldwide Financial Planning IFA Nick McBreen says: “Aegon will see the protection market as ripe for a resurgence so it will want to position itself properly.”