Emma Watkins will join Scottish Widows as director, bulk annuities, to take a lead role in the firm’s new business, a spokesman said.
The position is new, and Ms. Watkins will start June 1.
“We announced our intention to enter the bulk annuity market as part of Lloyds Banking Group’s strategic review in October last year,” the spokesman said in an e-mail. “As an insurance business which is part of a large banking group, we believe we possess the key capabilities for this competitive marketplace.”
The spokesman said the firm plans to leverage the group’s “robust capital strength, iconic Lloyds and Scottish Widows brands, commercial banking relationships and asset origination skills to build a market-leading franchise.”
“I’m really excited — this is a massive opportunity in the bulk annuity market and a new provider,” Ms. Watkins said in a telephone interview.
She said the business will be shaped with the lessons learned and knowledge that is gained from entering an established marketplace.
Ms. Watkins said she will oversee the whole process of the bulk annuity offering and will lead the transaction side.
Ms. Watkins is currently a partner at Lane Clark & Peacock, where she is responsible for helping trustees and companies to manage the risk in their pension funds through the use of insurance solutions, according to the firm’s website. She has advised on a number of buy-in and buyout transactions, including London-based Total U.K. Pension Plan’s £1.6 billion ($2.4 billion) buy-in with Pension Insurance Corp. last June.
“Emma has been a really valued colleague,” an LCP spokeswoman said. “With Emma returning to the insurance world, we look forward to working with her in helping to structure the right solutions for LCP’s clients.”