To head the new business Beechwood has hired Mark Hollis, who was formerly head of bank distribution at Standard Life (DIFC) where he was responsible for creating new business opportunities and managing product distribution.
Prior to Standard Life, Hollis was regional director of the Middle East & Africa at both P2 International (Bermuda) and Old Mutual (Bermuda). He has also held various positions at HSBC Bank throughout the region and has more than 20 years of experience in the banking, finance, and insurance markets.
David Lessing, a Beechwood partner and executive vice president of products & solutions, said the decision to move into the UAE followed the company’s success in Latin America and Asia, where it had seen good demand from advisers and clients of wealth management firms for its guaranteed investment products.
“We are confident the same demand exists in the Middle East for Beechwood’s attractive rates and unique monthly step-up features, coupled with the security of our guarantees and segregated account structures,” Lessing said.
The Beechwood companies provide direct-written investment products to clients globally, and life, annuity, and long-term care reinsurance to primary insurance companies in the U.S. and internationally.
Hollis will report to Lessing and be based in Beechwood’s office in Dubai.