Tactica Insurance, a new pensions venture led by former Bank of Scotland chief Sir Peter Burt and entrepreneur Stefan Allesch-Taylor, has agreed its first deal and made several hires from the insurance industry. It is looking to raise £1bn (€1.5bn) from investors.

Tactica's team will include Eamonn McMurrough, a former partner at JLT Reinsurance, a reinsurer, who has been made chief risk officer; non-executive Mike Christophers, a former KPMG partner who also sits on the board of insurance group Wesleyan; and operations director Peter Abbott, formerly managing director of insurance run-off administrators Compre.