6 June 2023ILS

Former PwC partner named to Legal & General Re's board

Former PwC Bermuda partner Caroline Foulger (pictured) has been appointed as an independent director on the board of Legal & General’s Bermuda-based companies, which provide global reinsurance for pension risk transfer businesses.

Foulger was a partner at PwC Bermuda where she led the insurance practice and was a member of the firm’s global industry leadership team. She has worked in Bermuda for over 30 years, primarily with global insurance and reinsurance entities.

L&G Re said: "She is an experienced audit committee chair for both US and UK listed entities and has also been a champion of diversity and inclusion at both PwC and on several of the boards on which she has or continues to serve. She served until 2022 on the Board of the FTSE listed Hiscox Ltd and currently has a non-executive portfolio of both listed and unlisted entities in insurance, investments and private equity companies."

Foulger replaces Derek Stapley who is stepping down in April after a maximum nine years’ service.

Tim Stedman, Chairman of Legal & General Reinsurance and Legal & General Group Chief Actuary said: “We are delighted to welcome Caroline as the new independent board and committee member at Legal & General Reinsurance.

"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.

“On behalf of Legal & General, I would like to thank Derek for his hard work and dedication to the company and wish him all the best for his future endeavours.”

Foulger said: “I am very excited to be joining the boards and committees of Legal & General Reinsurance at such a pivotal point. 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.”

Stapley, outgoing independent chairperson of the audit, risk and compliance committee, said: “It has been a privilege to have been part of Legal & General Reinsurance’s journey for the past nine years.

"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. As I step down, I believe the company is in a position of real strength and I wish Caroline and the board all the best in this next chapter.”