Earlier this year, the company lured Leon Sears away from Friends Provident International, where he had been regional sales consultant for 10 years, and named him RL360°’s regional sales manager for Latin America.
Sears began paying visits to prospective clients in key South American markets in February, with an eye towards launching a business that RL360° chief executive David Kneeshaw believes could develop into a significant business in years to come, as the continent’s middle class develops. Sears will continue to be based in the Isle of Man.
RL360° has been “looking to move into South America”, where many of its rivals are, “for a while”, Kneeshaw said.
“But we had a moratorium on such projects while we were negotiating the buyout [from Royal London Group, the UK’s largest mutual insurer].
“Now, subsequent to the sale having gone through, we can just make a decision and do it.”
In entering the South American market, RL360° joins such rivals as Zurich, Friends Provident International, Skandia and Generali.
RL360°’s Qatar plans is less far along, but Kneeshaw said that the company expects to be able to begin talking to advisers there “within the next two to three months”, once it has managed to develop and have approved a range of products that are compliant with the regulations in that market.
During its last full calendar and financial year as a part of Royal London Group, RL360° saw its annual premium equivalent grow by 27%.
