JP Morgan Asset Management has hired Matt Malloy to head its insurance unit for North America.

Malloy joins from Goldman Sachs Asset Management, where he served as managing director in the global insurance group. His appointment at JP Morgan comes at a time the bank is seeking to further strengthen its own global insurance solutions unit, particularly in the US and Canada. In a statement, the company said that the insurance market is currently worth $20 trillion.

In his new capacity, Malloy will lead efforts to deliver the company's investment management and advisory services to its growing client base. He reports jointly to Michael O'Brien, the global head of the institutional client group, and George Gatch, the chief executive of the investment management business for the Americas.

JP Morgan AM's clients include institutions, retail investors, and high net worth individuals. It records $1.8 trillion in assets under supervision and $1.3 trillion in assets under management worldwide.