Beechwood acquires Old Mutual Bermuda

Added 7th January 2016

Beechwood Bermuda, a provider of international investment plans, has completed its acquisition of Old Mutual (Bermuda), which had insurance and investment products with over $1bn in assets.

Beechwood acquires Old Mutual Bermuda

The transaction, which closed on 31 December 2015, provides for the continuation of service support by Old Mutual for the OMB products over the next three years, supplemented by additional support from Beechwood’s growing wealth management business.  OMB closed for new business in 2009.

As part of the arrangement, Old Mutual will reinsure certain policy guarantees until they mature in 2017 and 2018. Given the continuity of resources, no disruption to client service is anticipated.

The deal means Beechwood now has over $2bn (£1.4bn, €1.8bn) in total assets and is featured on the platforms of over 100 banks and brokerage firms around the world.

“This transaction offers a unique opportunity to strengthen our position as a global leader and demonstrates our dedication to providing innovative financial solutions for international investors,” said Mark Feuer, chief executive of Beechwood.

New product offering

Beechwood said that over the coming weeks it would be contacting OMB’s distribution partners to discuss the transition and introduce the firm’s Accumulator Plus and Escalator Plus investment plans, which offer features such as principal protection guarantees.

David Lessing, executive vice president of products and services at Beechwood, said growing client demand for the Beechwood products had reinforced its decision to make a significant commitment to this business in support of its distribution partners and their financial advisors.”

Financial terms of the transaction were not disclosed. Certain regulatory approvals for the transfer of future policy administration arrangements are expected by the end of Q1 2016.

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

Richard Hubbard

Group Editor

Richard Hubbard is the group editor at Last Word. He is responsible for the editorial content of International Adviser, Portfolio Adviser, Expert Investor and Fund Selector Asia. Richard previously worked for Thomson Reuters and has covered the financial services industry and investment themes from its offices in London, Singapore, Hong Kong and New York. Richard started his career at the Australian Financial Review in Sydney.

Features

Recession risk is on the rise – the key factors to watch

Recession risk is on the rise – the key factors...Lock icon

While markets could remain complacent and expensive for a long time, recession risk is rising, says asset manager Robeco. Fidelity is also increasingly cautious, expecting “the longest equity bull market...

Analysis

Profiles

Directories

Canada Life International Limited
Canada Life International...

Canada Life International Canada Life House,...

Tweets

Events

IA International Fund Links Forum 2017
IA International Fund Links Forum 2017

Thursday 14 September

The Langham, London

IA Future Advisory Forum Europe 2017
IA Future Advisory Forum Europe 2017

Thursday 28 September
The Waldorf Hilton, London

IA Best Practice Adviser Awards Europe 2017
IA Best Practice Adviser Awards Europe 2017

Thursday 28 September
The Waldorf Hilton, London

IA Best Practice Adviser Awards South Africa 2017
IA Best Practice Adviser Awards South Africa 2017

Thursday 5 October
The Vineyard Hotel, Cape Town

Sponsored Content

Investment Strategy

OTHER STORIES FROM LAST WORD...