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...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes