Old Mutual International (OMI) has sold its international portfolio bond to Generali International.
This book of business is no longer central to OMI's long-term strategy, and it has been seeking a life assurer with the appropriate reputation, financial strength and quality of service to acquire the book.
Paul Gillett, head of business development at Generali International, said: 'We are continuing to introduce new products and services, all with the aim of bringing further benefits to our ever-growing number of policyholders. We look forward to delivering a quality service to our new policyholders and their advisers as an ongoing priority in our business.'
Phil Smith, finance director of Old Mutual International said: 'This marks the culmination of 12 months of intensive work between both parties to effect a smooth transition of the Portfolio Bond business. This move is part of our strategy to continue to drive and strengthen core business in our current markets and develop opportunities in new markets.'
£1bn business since inception
Considered doing so in 2015
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