Change on the horizon

The last five years have seen dramatic changes in the offshore life assurance industry. Against a backdrop of one of the deepest bear markets in recent years, we have witnessed offshore life companies being closed to new business and, in some cases, parent companies putting their offshore life assurance companies up for sale. Interestingly, few buyers have been forthcoming. A second, and interrelated, trend has been offshore life companies reducing head count. A third trend has been the offshore life assurance industry pulling out of international markets and restricting sales and marketing...