Steve Ellis has been appointed as chief executive officer of Legal & General retail retirement living solution – a new division for the organisation which will be aiming to find and fund care for customers using its Care Sourcer platform.
Claire Singleton, currently CEO of Legal & General’s mature savings business (pictured), will succeed Steve Ellis as CEO of Legal & General Home Finance.
Both will report into Chris Knight, CEO of Legal & General retail retirement.
Ellis will start his new role at the beginning of April and Claire will take up her post at the end of the year following the completion of the transfer of the mature savings business to ReAssure, part of the Swiss Re Group.
Singleton’s appointment is subject to regulatory approval. Chris Knight will manage the Home Finance business in the interim period.
Ellis has been with the organisation since 2007 and has previously run a number of operational areas in corporate risk and annuities.
Singleton has been the CEO of the mature savings business since July 2018, having joined in 2011 from US law firm Jones Day.
She has worked in a variety of legal roles within the group, most notably as general counsel for retirement and then group, and Legal and General Capital.
Investment in Care Sourcer
Legal & General retail retirement living solutions will focus initially on helping customers find and fund the care they need for themselves or their elderly relatives.
L&G said its investment in Care Sourcer, a platform for the care market, would be a key focus. Ellis will be joining the board of Care Sourcer and will work with the existing executive team lending his expertise in scale and disruption.
Nigel Wilson, group CEO of Legal & General, said: “Claire and Steve have done great jobs in mature savings and Legal & General Home Finance.
“We want people to achieve longer, happier, healthier lives in retirement, but finding and funding care is the elephant in the room – it is a broken market that needs to be fixed. This is precisely the kind of challenge where Legal & General’s inclusive capitalism, our brand and balance sheet can make a difference.”
Steve Ellis said that he is looking forward to resolving the issues in UK care funding and provision.
Claire Singleton said that she is excited about joining Legal & General Home Finance later this year.
She added: “My current focus is on achieving a successful completion of the transfer of the Mature Savings business to ReAssure who will be an excellent steward of the business. As well as providing a smooth experience for our customers, my team and I are committed to supporting our employees through this transaction.”