Legal & General Group Plc has announced the appointment of Kerrigan Procter, CEO of Legal & General Retirement (LGR), as a group executive director of the company with effect from 9 March 2017.

Kerrigan has been managing director of LGR since January 2013, which is the company’s largest division by operating profit. He oversees the retirement business that helps over one million customers and invests over £50bn of assets to back Legal & General’s annuity promises to its pensioners.

He was previously head of solutions with Legal & General Investment Management, the group’s asset management business, from 2006 to 2012 where he was responsible for liability driven investment and fund solutions for defined benefit and defined contribution pension schemes across Europe and the US.

Sir John Kingman, chairman of Legal & General, said: “I am delighted that Kerrigan is joining the board. As Legal & General Retirement continues to build on its successes and expand internationally, the board will greatly benefit from closer interaction with the LGR business and from the expertise that Kerrigan will bring to the board.”