Tom Ault has taken over as chief executive of the Bermudian-based global reinsurance arm of Legal & General Group.

He succeeds Amy Ellison, who has been CEO of Legal & General Reinsurance since 2021. She is returning to London to take up the role of chief internal auditor for the group.

The company said it reflects L&G Re’s continued growth and its strategic importance within L&G’s institutional retirement business.

A statement said: “L&G Re supports the pension risk transfer market across the UK, US, Canada and Europe through bespoke annuity and reinsurance solutions, helping clients manage risk, meet their long-term obligations and provide financial security for their customers.

“Mr Ault joined L&G Re in 2019 as chief business development officer and has played a key role in the business’s growth, leading its external reinsurance activity, developing strategic client relationships and supporting new market initiatives.

“He has more than 25 years’ experience across the reinsurance and pensions industries in the UK, Canada and Bermuda.”

Gareth Mee, CEO, institutional retirement said: “Institutional retirement has a central role to play in L&G’s growth story, with Bermuda providing the scale and capital efficiency that underpin our international ambitions.

“Tom has been instrumental in building L&G Re into the successful business it is today and his extensive industry experience, commercial expertise and deep understanding of our clients make him exceptionally well placed to lead the business as we continue to scale internationally and pursue new growth opportunities.”

Mr Ault added: “Having been part of L&G Re’s journey over the past seven years, I have seen first-hand the strength of our team, our client relationships and the business we have built.

“I am excited to lead the next chapter for L&G Re and look forward to working closely with our partners as we continue delivering innovative reinsurance solutions and long-term value.”