Pru appoints bulk annuity chief

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Prudential has appointed Michael Abramson as director of wholesale transactions.

Abramson joins from Legal & General where we was head of strategic business for bulk annuity and longevity insurance.

He replaces director of defined benefit solutions Andy Reed, who leaves the insurer after 12 years.

Abramson previously worked for consultant Mercer advising pension scheme trustees.

Since the decline in individual annuity sales following the 2014 Budget announcements, insurers have increasingly shifted towards the bulk annuity market.

Prudential completed two bulk annuity deals totaling £117m in the first half of 2015.

Prudential UK and Europe executive director Tulsi Naidu says: “Through our longstanding presence in the wholesale transactions market we have developed considerable longevity experience, significant operational scale and a good investment track record. All of this gives us a unique blend of expertise and capabilities that are increasingly in demand.

“I am confident that Michael can help us to build on this strong position and become an ever more significant player in this important sector.”