Jeff Sayers was named managing director, bulk annuities and investment strategy, for the newly created unit of Lloyds Banking Group-owned Scottish Widows, a spokesman said.
The position is new. Mr. Sayers has led the development of the group's bulk annuities business since its inception last year. The group announced its intention to enter the bulk annuities market in October.
Mr. Sayer was previously divisional risk officer, insurance, at Lloyds Banking Group.
Last week, Pensions & Investments reported that Emma Watkins would join Scottish Widows as director, bulk annuities, on June 1. She is currently a partner at Lane Clark & Peacock. Ms. Watkins will report to Mr. Sayers.
“As an insurance business, which is part of a large banking group, we believe we possess the key capabilities for this competitive marketplace, and I am delighted that (Mr. Sayers) is taking on this new role,” said Toby Strauss, group director-insurance, at Lloyds Banking Group, and CEO at Scottish Widows.