Mark Wood, chief executive of bulk annuity buyout firm Paternoster, has secured his first five deals and appointed five former colleagues from UK insurer Prudential.

He said the deals were full buyouts and the first set of assets would be transferred this week. Wood, former head of the group's UK life assurance operations, launched Paternoster in April. It was the first of the new breed of bulk annuity buyout firms that this year flooded on to the market previously dominated by Prudential and Legal & General. Andy Smith, who joins as chief financial officer, was responsible for Prudential's pension product development. Tim Coulson, Prudential's pricing and product development actuary for annuities, joins as transaction executive responsible for pricing and technical product development. Michele Byford, formerly customer services director for Prudential's UK pension, insurance and investment customers, joins as operations director. Jason Wright, who was responsible for Prudential's product development projects, comes in as programme director, and Kirsty Fitzpatrick, who worked in Prudential's communications team, has been appointed head of communications. Prudential said their positions had been filled. Paternoster's management team includes deal executive Sammy Cooper-Smith, also formerly of Prudential, and Richard Willets, a mortality actuary, who left Prudential to become a consultant.