Legal & General Group Plc (Group) announces the appointment of Sir Charles Roxburgh, former Second Permanent Secretary at His Majesty’s Treasury, as Chair of the Board of Directors for Legal & General America (LGA), Group’s strategically important US life insurance and retirement operations.
As Chair, he’ll work closely with US chief executive officers, Mark Holweger and George Palms, to oversee further growth in the US through expansion of the financial services and insurance businesses via distribution, technology and diversification. Charles will also advance Group’s mission of inclusive capitalism, globalization and economic investment in the US.
“I have long admired L&G’s financial success, customer commitment and corporate purpose, and I look forward to being part of a drive to expand the company’s presence further in the US markets,” said Sir Charles Roxburgh.
LGA’s business portfolio in the US, underwritten by Banner Life Insurance Company and William Penn Life Insurance Company of New York, consists of:
- primarily term life insurance business representing $1.5B in gross written premium and more than 1 million policyholders; and
- the pension risk transfer business, which completed more than $2B in transactions in 2022 as part of Legal & General’s global PRT business, which delivered $11.7B in global new business premiums in 2022
“We are delighted Charles has decided to join us – he brings huge policy knowledge and practical experience in financial institutions – very important as we drive to further internationalize our business,” said Sir Nigel Wilson, CEO of Legal & General Group plc.
Sir Charles Roxburgh was Second Permanent Secretary at HM Treasury, the UK’s finance ministry, from 2016 to 2022. Prior to that, he spent 26 years at McKinsey & Co including as a senior partner. His roles at McKinsey included leading the global corporate and investment banking practice and the McKinsey Global Institute. During his time at McKinsey he spent seven years at McKinsey’s New York City financial institutions practice.
About Legal & General
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
* As at 31 December 2021
About Legal & General America
Legal & General America is part of the worldwide Legal & General Group. For over 70 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and William Penn Life Insurance Company of New York. With more than $57 billion in new coverage issued in 2020, LGA is a top five US term life insurance provider and ended 2021 with $780 billion of coverage in force with 1.4 million U.S. customers. LGA shares Legal & General’s independent financial strength ratings: A+ Superior from A.M. Best and AA- Very Strong from Standard and Poor’s and Fitch. For more information, please visit https://www.lgamerica.com.
About Legal & General Retirement America
Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the US market. Established in 2015, Legal & General Retirement America is a business unit of Legal & General America, Urbana, MD. Legal & General America life insurance and retirement products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states, the District of Columbia and Puerto Rico. William Penn products are distributed exclusively in New York; Banner does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group.