Legal & General Group Plc ("Legal & General") is pleased to announce the appointment of Gene Gilbertson as President and Chief Executive Officer of Legal & General America (LGA). He has been serving in this capacity on an interim basis since March 4 of this year.
Prior to his role as interim President and Chief Executive Officer, Gene served in the role of Executive Vice President and Chief Financial Officer of LGA. He is also a director on the respective boards of the LGA operating entities and captive reinsurance companies. Gene has broad management experience that extends beyond finance and includes operations, human resources, sales, actuarial, legal and reinsurance roles during his career. He has been instrumental in LGA's growth in the U.S. protection market, which has resulted in LGA being a perennial top five writer of protection business. Gene has led the management of the transformational U.S. capital management program, which has resulted in a significant growth in U.S. cash generation to Legal & General.
"We continue to successfully execute on our growth strategy through the five macro themes of ageing populations, globalization of asset markets, welfare reforms, digital lifestyles, and bank retrenchment. Gene has made key contributions to move our U.S. protection business forward and I look forward to working with Gene and the executive team as we grow the Legal & General brand in the U.S."
"I am excited about taking over the role of President and Chief Executive Officer of Legal & General America. The combination of LGA's market leading protection franchise, Legal & General Investment Management America's investment capabilities and Legal & General Retirement's global reach, positions Legal & General to achieve significant profitable growth in the U.S. The breadth of these three formidable businesses positions Legal & General to achieve significant profitable growth in the U.S., and to provide opportunities which will accrue to the benefit of LGA's independent brokerage distribution."
Gene R. Gilbertson has been appointed President and Chief Executive Officer after serving on an Interim basis since March 4, 2015. In his previous role as Executive Vice President and Chief Financial Officer of Legal & General America, Inc. (LGA), his responsibilities included all finance, tax, treasury, and corporate planning functions for LGA and consolidated subsidiaries, including Banner Life Insurance Company, William Penn Life Insurance Company of New York and several captive insurance companies. Additionally, he is a member of the Board of Directors for each of those respective companies. Gene served honorably in the U.S. Air Force from 1967 through 1971. Subsequent to his service, he held a variety of audit, tax, and financial positions at KPMG, Marriott Corporation, GEICO, and LGA. He has nearly 30 years of experience in the insurance industry. He has broad management experience that extends beyond finance and includes operations, human resources, sales, actuarial, legal and reinsurance roles during his career.
Gene has substantial experience in a variety of financing (both public capital markets and private solutions) transactions for funding required reserves, including the first of its kind solution incorporating a New York domiciled insurer. He has significant M&A experience involving both acquisitions and dispositions of companies and closed blocks of business.
Gene is an accomplished financial executive with excellent communication and leadership skills. He is a member of the American Institute of Certified Public Accountants and a member of the Maryland Association of Certified Public Accountants. He is a Chartered Life Underwriter and a Fellow of the Life Management Institute. He graduated with honors, Magna Cum Laude, from California State University, Northridge majoring in Business and Accounting. Gene was the recipient of a number of scholarships and awards including the Florence Jeanne Goodman Scholarship and the Bank of America Business Scholar award. Gene and his wife, Jacalyn, live in Myersville, Maryland with their three children, Russell, Justin, and Kelley.
For over 65 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 its subsidiary William Penn Life Insurance Company of New York. With more than $73 billion in new coverage issued in 2014, LGA ranked fifth in the U.S. and ended 2014 with in excess of $634 billion of coverage in force with nearly 1.2 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.