LGI will serve over seven million customers in the UK and US and will provide life insurance, critical illness cover and income protection to individuals and company employees.
The insurance division hopes to develop its US business into a multi-channel and multi-product service by leveraging its UK expertise in the field.
Bernie Hickman (pictured), CEO of Legal & General Insurance, said with its strong insurance franchise, the US would be an ideal place to build the business.
He added as technology continued to play a significant role in all areas of the industry, it was an ideal opportunity to “establish new digital insurance businesses in selected international markets”.
Prior to his appointment, Hickman was managing director of L&G’s Protection arm from 2005 to 2010. During his tenure he launched the UK protection digital platform: OLP Connect, which now has a market share of over 25%.
He went on to become CEO of L&G’s Home Finance and managing director of Individual Retirement in 2014, where he launched its digital platform for lifetime mortgages.
Nigel Wilson, group CEO of L&G, said Hickman was a “proven successful leader” and looked forward to L&G launching its third international business, behind L&G Investment Management and L&G General Retirement.