The company cited “pricing pressures” in the UK market as the reason for the retrenchment making it “increasingly difficult to compete at a rational price” in the portfolio bond market.
In a statement, the Isle of Man-based international insurer added: “It is not commercial sense to write loss-making business and we refuse to do so. We do remain fully committed to the UK market, and are particularly bullish on the future success of our wrap partnerships.”
It added that it still had a head office-based technical function – although this is not solely UK-dedicated. Moon had been with RL360° since 2008 in the role of technical development manager.
The company described the decision to make her redundant “regrettable.” It further noted its international business was growing strongly and it had increased staffing levels in its overseas branch offices to support this.
Moon said that although her primary role was to support the UK-based sales team, she also provided support for the international team, the company’s wrap partners and marketing department. She also “played a pivotal role” in ensuring the efficacy of the “ground-breaking” Settlor Reversionary Interest Trust and Select DGT.
