View more on these topics

Clerical Medical creates three offshore divisions

Clerical Medical is forming three new divisions in a bid to grow its business in the European and UK offshore markets.

The life office aims todouble new business from the UK offshore market within three years. It is also looking to more than double business from Europe within two years and achieve a fourfold increase by 2005.

The new divisions, to be up and running within 12 months, are Clerical Medical Europe, Clerical Medical Offshore and Clerical Medical International.

The Europe division is based in Luxemburg and will focus on meeting the needs of the growing European market.

The offshore division is based on the Isle of Man and is dedicated to the life office&#39s UK offshore business as well as expatriate business written in the Far and Middle East.

The international division is also based in the Isle of Man. It will service customers located in markets to which Clerical Medical no longer sells new business.

Chief executive Robert Walther says: “The marketsin which we operate havechanged significantly over the last five years. Where a one-size-fits-all philosophy worked in the past, the markets have now developed significantdifferences.”

Recommended

HMC moves closer to parent company

Household Mortgage Corporation is relocating to parent company First National Bank’s Harrow offices and will re-brand to bring it closer to the bank’s identity. Although the name has yet to be confirmed it will see the mortgage specialist adopt its parents name in part. The move from its offices in High Wycombe will be completed […]

Code board wants panel size revealed

The Mortgage Code Compliance Board is recommending brokers should disclose the size of their lending panels amid fears consumers are being misled over the rangeof lenders covered.The MCCB says brokers failing to disclose the size of their lender panels risk breaching their duty of care towards customers by misrepresenting their access to the market.It says […]

FSA is seeking third MD to focus on IFAs

The FSA intends to give retail regulation and consumer education more clout by creat-ing a third managing director position below chairmanHoward Davies.The new post will carry direct responsibility for the IFA market.The move comes as Davies reveals the PIA board will step down later this month aspart of the move towards toa single regulator.Speaking at […]

Julian Gibbs

Very few investors are taking advantage of their capital gains tax allowance.Those investors lucky enough to have invested early in technology funds can, of course, sell sufficient units each year to use up at least part of their allowance but the majority of investors do not wish to put their money in such a high-risk […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment