You are here: Home - News -

Exclusive: Mark Holweger leaves to spearhead Legal and General expansion in USA

by:
  • 29/01/2018
  • 0
Mark Holweger, managing director of Legal and General Insurance Partnerships, will leave the UK to start a new role as executive vice president, distribution and marketing in the U.S. on 14 February.

 

 

Holweger will be relocating with his family to the firm’s Maryland office in the US.

L&G said Holweger will be responsible for the creation and execution of a marketing and sales strategy to broaden distribution, expand the portfolio of products, and drive the digital transformation necessary to sustain a profitable growth-oriented business.

Holweger has been with the insurance giant since August 2011, starting his career as general insurance broker and intermediary director and progressing to managing director, intermediated in October 2013.

His career has also spanned co-founding insurance broker Coverwise, RSA and Aviva where he started in 1991.

No replacement has been confirmed by L&G.

On the mortgage club and housing side the insurer has suffered a ‘brain drain’ with director of housing, Stephen Smith retiring from his full-time position at the end of December and mortgage club director Jeremy Duncombe announcing he will be leaving for lender Accord in March.

 

The mission

 

In September 2017, Smith and managing director of Legal and General Insurance Mark Holweger went on a fact-finding mission to the U.S to establish the firm’s approach to the North American market.

In an interview with Mortgage Solutions in December, Smith said the aim of the trip was to understand why just 5% of mortgage sales triggered protection sales in the U.S, against around 70% in the UK. Many advisers in the states stopped at the mortgage qualification but there had to be an argument for higher levels of sales, said Smith.

The approach is likely to be multi-pronged, with a digital direct to consumer interface and partnerships with mortgage banks and other U.S counterparts, although ‘unlocking relationships with realtors’ will be key, said Smith.

“Nine out of ten people use a realtor in the US. Customers have realtors on speed dial and are on their Christmas and birthday card lists. They act for the buyer and are the ringmasters for the property transaction, removals, any refurbishments, the mortgage, all insurances – and they typically earn 2-3% of each transaction so you can see how they build a loyal client bank. Why can’t UK brokers do that?” said Smith.

There are 0 Comment(s)

You may also be interested in