Caroline Foulger has been appointed independent board and committee member for Legal & General’s Bermuda-based companies.

She replaces Derek Stapley, who is stepping down in April after a maximum nine years’ service with the company that provides reinsurance for pension risk transfer businesses.

Ms Foulger is a non-executive director with extensive experience in the financial services industry. As former PwC Bermuda partner she led the insurance practice and was a member of the firm’s global industry leadership team.

Mr Stapley, the outgoing Independent chairman of the Audit, Risk and Compliance Committee, has been with Legal & General Reinsurance for nine years and believes he leaves it in a position of real strength.

He said: “I have had the pleasure of watching the company grow from a start-up to a thriving, substantial presence in the life insurance sector, with a strong and impressive culture.

“Legal & General plays an important role in Bermuda’s international business pillar while also contributing to the island through its community outreach programmes.”

Tim Stedman, chair of Legal & General Reinsurance and Legal & General Group chief actuary, thanked Mr Stapley.

In welcoming Ms Foulger, he said: “As a highly respected figure within the Bermudian financial services community her extensive experience of the global insurance and reinsurance industry will be invaluable in delivering the next stages of our growth strategy.”

Ms Foulger said: “Legal & General is well known for its focus on culture and its social purpose, and this resonated very clearly to me during the meetings I have held with them in both Bermuda and London. I look forward to contributing to the future success and growth in Bermuda.”