Life Trust has closed its Ireland-based insurance arm, Life Trust Insurance (LTI) plc, due to concerns over continued funding.
Some UK IFAs will have sold the company's Longevity Income Plan, or their clients' pension scheme may use the Longevity Risk Manager. Planholders will receive all of their original investment and an ex gratia payment as a result of the decision to close for new business. Life Trust closed LTI because it was worried the recession would impact earnings, meaning LTI would need additional capital later in 2009. Funding options were explored, but the board of Life Trust could not raise capital due to adverse market conditions. Andy Briscoe, chief executive of Life Trust Holdings, says: "...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
