June 16 (Cointime) - Legal & General, a $17 billion insurer in the UK, has appointed António Simões, the regional head of Europe at Banco Santander, as its new CEO to offset a valuation discount against non-UK rivals. Simões, who lacks experience in the insurance industry, may be seen as a wildcard, but he could accelerate L&G's push into the United States, particularly in asset management. The British insurer trades at nearly 7 times its earnings for the next 12 months, a 25% discount to the average 9 times multiple for European rivals including Zurich, Allianz, and Assicurazioni Generali. The arrival of Simões will cost L&G 1.175 million pounds in annual basic salary, 9% more than the outgoing CEO Nigel Wilson's base pay.