Old Mutual shuts offshore centre to new business

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Old Mutual Bermuda (OMB), the group's US Life offshore business, is being closed to new business with immediate effect.

The OMB management team has concentrated on rebuilding the business by writing specialist investment products to meet customer needs, provided they fell within the group's agreed risk appetite. However, management now believes it is unlikely OMB will be able to launch products meeting these requirements as well as providing a satisfactory return on capital. The closing of OMB to new business is expected to assist further de-risking as well as cut costs by streamlining the team. However, the firm stresses it is committed to all existing policy obligations. Hedging effectiveness has imp...

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