M&G appoints Kerrigan Procter as managing director of corporate risk solutions business

Written by Adam Cadle

22/08/2024

M&G has appointed Kerrigan Procter as managing director of its corporate risk solutions business.

Kerrigan will be responsible for spearheading M&G’s activity in the bulk purchase annuity (BPA) market, building out the company’s strategic capabilities and developing a range of derisking solutions for the corporate market.

He will join from L&G where he has held a number of executive leadership positions including CEO of its 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 BPA market in September last year, it has agreed three buy-in transactions bringing sales to almost £1bn in total. M&G’s strategy is to 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.

Procter 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.”

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