Standard Life has promoted Kunal Sood to managing director of defined benefit solutions and reinsurance.
Sood, who was formerly the director of reinsurance and structuring, will use his knowledge to create the BPA solutions offering, construct the client pitch, and make sure there is enough capacity to satisfy the high levels of market demand.
Justin Grainger, who was formerly managing director of defined benefit solutions, has also advanced, taking on the new title of commercial finance director. In this position, he will manage the Group’s £46b back book of annuities.
Sood says: “Standard Life’s BPA business has seen huge growth over the last few years and it’s an exciting time to be in the industry, with improving funding levels and an extraordinary level of demand being seen across the market. Standard Life plays a vital role in supporting Trustees and Schemes looking for tailored solutions to help deliver on their de-risking strategies, and I look forward to bringing my experience to the team as we continue growing this important area of the business.
Standard Life managing director retirement solutions Tom Ground says: “Standard Life’s DB Solutions business has undergone a period of huge development over the last few years, and the growth of the BPA business in particular – led by Justin and the team – has been significant. Justin’s efforts have been key to Standard Life becoming the significant player in the BPA market that it is today, and his promotion to this new role reflects his contribution to the business. I look forward to working closely with him in his new role.
“Under Kunal’s leadership, I am confident the BPA business will continue to go from strength to strength. His promotion is also a reflection of the instrumental role he has had in the development of Standard Life’s reinsurance capabilities, which has also played a significant part in the success of the DB Solutions business. His experience and knowledge of the industry makes him both a natural fit and well-placed to continue Justin’s efforts I look forward to working with Kunal in his new role, as he and the team continue growing this important area of the business.”