Scot Wids closes SWI arm

Scottish Widows closed its Jersey-based subsidiary Scottish Widows International (SWI) to new business on Thursday last week. The closure of SWI, which has just £250m in assets under management, will not effect existing policies with the offshore group, Scottish Widows said. Scottish Widows blamed the closure of the operation on its failure to win sufficient market share in the offshore investment arena. However, even though the policies already written will continue to be administered, no further premiums can be added as SWI will soon not have the capacity to deal with new money at a...