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Misys could sell GI arm and Sesame

Misys says plans for selling Sesame are on schedule and that it is also considering ditching its general insurance business this year.

Sesame will be sold off within six months, says Misys, with serious interest in the business being expressed from several financial firms.

Misys says it is also exploring the possibility of selling off its general insurance arm, which is not core to its business, in the same timeframe.

Sesame’s revenues rose by 13 per cent on last year’s figures, growing from 163m to 184m, attributed to increased productivity and improving market conditions.

Operating profits doub- led to 4m over the past 12 months, with Sesame’s mortgage business being a key driver behind its revival.

Sesame says 600 advisers are using its multi-tie panel Sesame Select, which compr- ises Axa, Prudential, Nor- wich Union, Standard Life and Legal & General.

Sesame chief executive Kevin Lomax says: “The process for the sale of the Ses- ame business is now well under way and proceeding to plan. We have seen ser- ious interest in this busin- ess from a number of trade and financial purchasers and we continue to expect that this divestment will be concluded within the next six months.”


Pensions Force aiming to boost uptake by workers

The National Association of Pension Funds has won Government backing for a free independent service providing pension information. It will be working with manufacturers’ organisation EEF and trade union Community to address workplace pensions with a new initiative called Pensions Force. The project, revealed in Money Marketing in January, is scheduled to start this year […]

Unconditional offer cuts Skandia rating

Standard & Poors has cut Skandias insurance rating from A to A- following the announcement that Old Mutuals offer is now termed unconditional.

‘Churning is killing profits for life offices’

Analyst Ned Cazalet says insurers spend too much money writing business which will promptly leave their books, meaning that they will make little or no profit. He says the ease in which intermediaries recycle poli- cies to earn more commiss- ion is destroying life office balance sheets. FSA data shows that almost half of all […]


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