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Pegasus sees sales soar by 51%

Protection specialist Pegasus achieved a 51 per cent leap in new business last year, with sums assured breaking the £163.4bn mark for the first time.

New policies totalled 25,302, up from 16,756 in 1999.

The healthcare arm of Scottish Mutual says its success is due mainly to the popularity of its long-term care and critical-illness cover buyback options with IFA clients.

It says 27 per cent of new policyholders last year chose the CI cover buyback option, which allows customers who have made a critical-illness claim to continue being covered against a smaller range of illnesses including cancer, heart attack and stroke. This figure was ahead of the 10 per cent goal set when the option was launched in July 1999.

Product development manager Nick Kirwan says: “Last year was our best ever in terms of new business volumes. The dramatic increase in our new business was helped by the fact we launched a number of product innovations in 1999.

“We maintained our momentum with the launch in October of our wealth preservation plan, which is aimed at high-net-worth individuals looking to protect the value of their estate from inheritance tax.”

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