JP Morgan Asset Management has hired Matt Malloy as new head of insurance for North America, as part of its plans to pursue a significant build-out of its Global Insurance Solutions Group.

JP Morgan has said that Malloy will expand the firm’s existing foundation in insurance asset management in the US and Canada. Malloy will lead the efforts to deliver JP Morgan’s broad investment management and advisory capabilities to this growing client base.

He will be reporting jointly to Michael O’Brien, global head of JP Morgan’s Institutional Client Group and George Gatch, CEO of JP Morgan’s Investment Management business in the Americas.

Malloy has more than 18 years of insurance industry experience, including work in North America, Europe, Asia and Latin America. Malloy will join JP Morgan from Goldman Sachs Asset Management, where he was a managing director in the Global Insurance Group.

Prior to Goldman Sachs Asset Management, he worked in financial institutions investment banking for several years, most recently for UBS Investment Bank, where he helped establish the firm’s insurance investment banking practice.

O’Brien said, the insurance market represents a $20 trillion opportunity, with a client base that is increasingly seeking investment management and advisory solutions.

“Malloy’s industry expertise and relationships make him ideally suited to lead these new efforts in the US and Canada and will give us immediate traction in delivering the vast capabilities of JP Morgan, O’Brien said.