Legal & General America (LGA) announced the promotion of Troy Thompson, FSA, to senior vice president and chief actuary. Thompson has been LGA’s vice president of product management since June, 2014.
In his new role Thompson will be providing overall direction on the company’s product design and pricing strategy and ensuring the development, application and consistent administration of actuarial principles and statistical/modeling techniques to ensure sound financials. He will help drive new ideas and implement strategies that provide profitable growth opportunities for Legal & General America and all consolidated subsidiaries.
Thompson will continue to chair the company’s pricing committee and related subcommittees and will be a director on the boards of Banner Life Insurance Company and William Penn Life Insurance Company of New York.
Gene R. Gilbertson, president and CEO, said: “Troy has done an exceptional job in directing LGA’s product management and pricing strategy. He is a highly qualified individual who possesses the technical and managerial leadership qualities necessary to succeed in the position of chief actuary. I have tremendous confidence in Troy’s abilities and look forward to working with him in his new senior leadership role.”
“It is my great privilege to serve LGA in this capacity, “said Thompson.” “With a solid financial profile, leading expertise in mortality and increasing synergies with our global parent and US affiliates, the future is very bright. I am excited to work with the great senior leaders and staff of LGA as well as our highly valued distribution partners to find new and innovative ways to secure the financial futures of more Americans.”
Frank T. Gencarelli, senior vice president, sales and marketing, added: “Troy’s actuarial and financial acumen, his penchant for simplicity and clarity, and his demonstrated rapport with a broad audience of stakeholders, from stock owners to distributors, are rare in the role of chief actuary. We are lucky to have someone with Troy’s skill set and passion for the noble purpose of life insurance in this important leadership position.”
A mathematics graduate with honors from The University of Texas, Thompson is a Fellow in the Society of Actuaries. Prior to joining LGA, he was vice president, USAA, in San Antonio, TX, where he was first the strategic leader of life and investment company operations and then a leader in an enterprise transformation initiative. This initiative aided the shift from a product line centric organizational underpinning to a shared distribution multiproduct solutions orientation.
As senior VP of fixed life products, universal life products and term life products at Genworth Financial, Thompson led the development of term and UL portfolios resulting in over $200 million in annual sales, $300 million in after-tax income, and annual growth rates as high as 70 percent. In doing so, he also artfully managed capital with structures that funded noneconomic AG38 and XXX reserves, including the industry’s first securitization.
For over 65 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and its subsidiary William Penn Life Insurance Company of New York. With more than $73 billion in new coverage issued in 2014, LGA ranked fifth in the U.S. and ended 2014 with in excess of $634 billion of coverage in force with nearly 1.2 million U.S. customers.
