The company said it has decided to adapt its operating model for high net worth clients “to the requirements in the economic and regulatory environment” and so is to close its Dubai International Finance Centre based office with immediate effect. All new business will now be processed through its “insurance carriers” in Luxembourg and Singapore.
Swiss Life’s recent history has been relatively tumultuous. In January 2010, the company appointed industry heavyweight Carlos Sabugueiro from Zurich International Life to develop a new international retail proposition.
However, a little over a year after joining, Sabugueiro left Swiss Life. At the time the company cited “differences regarding the strategic direction of the project” as reason for his departure. The company also said that, despite Sabugueiro’s departure, it would continue to develop the proposition.
In December last year, the company finally announced it would in fact not continue to pursue plans to launch a range of retail products for the international market, informing one of its IFA distribution partners that it wished to “refocus its international division on the corporate and high net worth segments”.
It was not immediately clear following today’s announcement whether Jamie McNish, general manager of the firm’s Dubai office, would be staying with the company.
