Legal & General Retirement America’s Carl Groth Named CRO of the Year

InsuranceERM recognizes Groth’s leadership in a record-breaking year for U.S. pension risk transfer market

Legal & General Retirement America (LGRA), a division of Banner Life Insurance Company, is celebrating a major industry accolade as Chief Risk Officer Carl Groth is named Chief Risk Officer (CRO) of the Year – Americas. The InsuranceERM awards recognize risk management excellence, leadership, and innovation in the Americas and comes after a landmark year for both LGRA and the broader U.S. pension risk transfer (PRT) market.

Groth has been instrumental in guiding LGRA’s risk strategy through a period of growth and innovation. Under his leadership, the risk team has played a key role in expanding LGRA’s investment capabilities and deepening institutional confidence in emerging asset classes.

In 2024, LGRA completed $2.2 billion in PRT transactions—its highest annual volume to date—contributing to a robust national market that reached nearly $51.8 billion in total premiums. Since entering the U.S. market in 2015, LGRA has secured more than $12 billion in PRT business, protecting the retirement benefits of over 200,000 annuitants.

Groth also led the risk oversight behind a breakthrough transaction that earned LGRA and Reinsurance Group of America (RGA) the PRT Innovation of the Year award from InsuranceERM for their creative split deal structure—an industry first.

Carl Groth, CRO of Legal & General Retirement America:

“Risk is not just about mitigating downside—it’s about enabling smart, sustainable growth. As the PRT market evolves, our job is to ensure LGRA remains both resilient and forward-looking. I’m proud of how our team has helped position the business to take on new opportunities with confidence.”

George Palms, CRO of Legal & General Retirement America:

“Carl is a steady and strategic leader, and this recognition is incredibly well-deserved. His risk expertise, collaborative spirit, and long-term thinking have helped shape the foundation of our business. I’m thrilled to see him recognized by the broader industry.”  

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