Scottish Widows has appointed Nathan Moss as managing director of marketing and distribution.
Moss will succeed Newton Scott, who retires at the end of this month after nearly 40 years at the insurance and pensions company.
Moss was previously chief executive of the Merrill Lynch HSBC online investment and banking joint venture, now being integrated into HSBC. He also headed HSBC’s personal financial services.
Moss will be responsible for Scottish Widows’ new business acquisition and marketing activity with independent financial advisers, direct to consumers and through the Lloyds TSB branch network. He will also oversee marketing for Scottish Widows International, which covers offshore investment. Moss will take up his position on July 1 and will report to chief executive Mike Ross.
Scottish Widows became part of Lloyds TSB in 2000. The company offers long-term insurance, savings and investment products.
Lloyds TSB has dismissed market fears that it may have to inject capital into its Scottish Widows business, reporting a 16 per cent year-on-year growth in life assurance and pensions sales for five months to May 31.
Abbey National recently announced an injection of an additional £150m into its life assurance arm, Scottish Mutual, to offset the impact of falling stock markets, which could cause the company to breach its solvency ratios.