James Peagam joined J.P. Morgan Asset Management as European head for global insurance solutions, confirmed a spokeswoman for the firm.
It is a new position. Mr. Peagam will lead the business unit, which builds and develops investment strategies and solutions for European insurers and reinsurers. He will be responsible for the European business and a team of 35 employees. JPMAM manages more than $100 billion for insurers. Mr. Peagam will be based in London, reporting to Matt Malloy, managing director and head of global insurance solutions.
“Insurance companies are facing increasing pressure to generate yield and income from more diverse investments,” Mr. Peagam said in a news release.
Mr. Peagam was head of BlackRock's U.K. financial institutions group, which manages $327 billion for 159 insurers globally. The money manager is actively looking for a replacement, confirmed a BlackRock spokesman.