Scottish Widows has appointed a managing director of bulk annuities and investment strategy as part of a management shake-up.
In October Lloyds Banking Group announced Scottish Widows would enter the bulk annuity market.
It has now appointed Jeff Sayers, previously insurance divisional risk officer at Lloyds, to lead the proposition. Sayers joined Lloyds in 2013 and previously spent 11 years at Morgan Stanley as managing director for global capital markets.
Catriona Herd, currently general counsel for insurance, will replace Sayers on an interim basis.
Mario Mazzocchi, currently interim chief operating officer for insurance at Lloyds, 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 for Black Horse Finance, a position he will take up on 1 July.
Tara Foley will return to her role as insurance COO on 11 May, following her maternity leave.
And James Hillman has been appointed as chief actuary. He joins from EY where he led the insurance risk and actuarial team for Europe, Middle East, India and Africa.
Scottish Widows chief executive and Lloyds insurance director Toby Strauss says: “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.”