Andrew Stoker was appointed chief executive of Utmost Life and Pensions, leading the insurance firm’s entrance into the U.K.’s pension risk transfer market.
Utmost has built a team of over 20 staff focused on pension risk transfer and already transacted with two external pension plans in the fourth quarter of last year, a statement said. The insurance firm is targeting a 5% share of the market, which reaches volumes of about £50 billion ($64 billion) each year, by 2030.
“Utmost Life and Pensions now has a strong platform for competing in the bulk purchase annuity market and we are building a compelling proposition for pension plan trustees and participants. I am excited by the opportunity to lead the next phase of Utmost’s strategy,” Stoker said in the news release.
Stoker replaces Stephen Shone as chief executive, with Stone to retire.
Stoker was chief financial officer at Rothesay, a position he held for nine years. Rothesay has been contacted regarding who will fill the CFO position following Stoker’s departure.