Legal & General Reinsurance’s chief executive officer Thomas Olunloyo is relocating from Bermuda to the United States after leading the company for the past four years.

Mr Olunloyo is joining Legal & General America as deputy CEO and executive vice-president.

He will be succeeded by Amy Ellison. She was today announced as the new CEO of Bermudian-based L&G Re, which is the international reinsurance business of the Legal & General Group.

She is a chartered accountant with more than 20 years of financial-services industry experience. She has served in senior management roles in the UK since she joined the L&G Group in November 2016.

Mr Olunloyo has been with L&G Re since its launch in 2014, and said it had been a privilege to build the company from a start up to a $30 billion business.

He made an impact in Bermuda. Last year, he conceived the Serving the Servers initiative to help restaurant staff hit hard by the effects of the Covid-19 pandemic. He writes about some of these efforts in the Royal Gazette’s opinion section today.

He also set a goal of providing a free laptop computer to each of Bermuda’s public-school students through Lighthouse Connect, an educational fund launched by L&G Re. In addition, he has spoken about Bermuda’s potential to lead the way in renewable energy adoption.

Ms Ellison most recently served as finance director, defined contribution (including workplace savings) and retail for L&G Investment Management. Prior to that, she was the head of audit for four of L&G’s businesses.

She has held several governance roles at L&G, including as a director on the L&G UCITS ETF plc board and as chairwoman of LGIM’s asset pricing and valuations committee.

Ms Ellison also served the UK Government’s Department for Business, Energy and Industrial Strategy as senior policy lead in the independent review of the Financial Reporting Council over an eight-month period in 2018.

Before joining Legal & General, she worked for more than 15 years at PwC, based in the UK and Australia.

Ms Ellison is also a musician, and served for a three-year period between as Governor of the Royal Northern College of Music in Manchester, England, as well as chairwoman of the audit and risk committee. She holds a bachelor’s degree in music (Honours) from the University of Edinburgh, and a postgraduate diploma in musical performance from the Royal Northern College of Music.

She sad: “I am very excited to be joining L&G Re as it continues to establish its important place within the Legal & General Group.

“Reinsurance is a significant part of how we enable our clients to manage their risks and to meet their obligations to customers. I look forward to building on the formidable foundations Thomas and the talented team in Bermuda have built and to leading the company into its next stage of growth.”

Mr Olunloyo said: “It has been a privilege to build L&G Re from a start-up into a $30 billion business today, and I am confident this success will continue under Amy’s leadership.

“I look forward to taking on a new challenge in the US retail market. This will allow me to reach new customers, deliver new solutions and further my personal mission of using insurance to make an impact on the lives of our customers. The need for the certainty we provide has only increased as the global economy emerges from the uncertainty caused by the pandemic.”