Old Mutual International (OMI) is to become part of Skandia International, to form one of the largest product providers in the world.
The current management team, headed by Jan-Louis Raath as managing director, will continue to run the business and will report into Andre Oszmann, chief executive officer of Skandia International. There are no plans to change OMI personnel or to relocate staff but Andre Oszmann will join the OMI Board.
Skandia International was established in 2006 and currently comprises: Royal Skandia, Skandia Life Ireland and Skandia Leben Liechtenstein, all which are offshore cross border manufacturers. It is also responsible for Skandia Life sales to local nationals in Finland, Norway and Sweden.
Oszmann commented: “Today is a significant milestone in the evolution of our businesses and puts us in an unrivalled position to become the leading offshore cross border product provider in the world.
“The international markets bring diversity and opportunity to Old Mutual and Skandia’s overall business mix. The addition of OMI to Skandia International is an excellent fit, increasing our business footprint, while having a similar business model. Together the businesses will deliver a comprehensive product proposition and support network to financial advisers writing offshore business around the world.”
Paul Bruns and Elaine Parkes
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