M&G plc, a leading FTSE 100 international savings and investments business, today announces the appointment of Kerrigan Procter as Managing Director of its Corporate Risk Solutions business. Kerrigan will join M&G’s Life business in January 2025 as a member of its leadership team, reporting to CEO Clive Bolton.
Kerrigan will be responsible for spearheading M&G’s activity in the Bulk Purchase Annuity market, building out the company’s strategic capabilities and developing a range of derisking solutions for the corporate market. The role includes M&G’s workplace pension business that manages the savings of around 435,000 workplace pension savers across 8,700 schemes in the UK.
With over 30 years of experience in insurance and investment, Kerrigan will join from Legal & General where he has held a number of executive leadership positions including CEO of their Retirement and Alternative Asset businesses, before furthering his international experience as President of Asia-Pacific and Interim CEO of LGIM America.
Since M&G re-entered the Bulk Purchase Annuity market in September last year, it has agreed three buy-in transactions bringing sales to almost £1 billion in total. M&G’s strategy is to the leverage the strength of its business model to selectively agree BPA deals to fully offset the run-off of the annuity book, and increase long-term capital generation.
Clive Bolton, CEO M&G Life, said: “I am delighted that we have been able to attract someone of Kerrigan’s calibre for this key role and I look forward to welcoming him to M&G. His extensive knowledge of Defined Benefit schemes and experience in private assets underlines M&G’s commitment to the BPA market as we accelerate our plans to support more clients through their derisking journey. Kerrigan will play an important role in us utilising the strength of our unique business model to develop capital lite and insurance backed investment solutions for this market as it continues to evolve.”
Kerrigan Procter, incoming Managing Director – Corporate Risk Solutions, said: “I am thrilled to be joining M&G at a time when many DB pension schemes are looking to secure their members’ pensions by entering into a buy-in transaction with an insurer.
“With its differentiated business model, deep expertise in private markets and clear strategy, M&G is well-placed to develop innovative insurance solutions to help more schemes achieve their derisking goals.”
