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Pru rebrands ScotAm European

The Scottish Amicable European brand is being scrapped by Prudential.

After scrapping the onshore brand, Pru is rebranding SAE as Prudential International and launching a new offshore with-profits bond.

SAE was set up in its Dublin base in 1994 to market back into the UK. The phasing out of the onshore ScotAm name began last year although Scottish Amicable Life Inter-national, which markets into Germany, retains its name.

The bond launch comes after Scottish Equitable International&#39s acknowledgement that its poor results last year were partly due its lack of a with-profits bond but it had difficulties setting up a fund from scratch.

Scottish Mutual International, which offers a Dublin-based bond, recently complained about a clampdown by the Society of Actuaries in Ireland on the use of headline rates in marketing.

However, Pru Internat-ional spokesman Darragh Leeson stresses that the life office has been in discussions with Irish regulators for the last year about the product and has had a long-term commitment to Dublin so it does not anticipate problems.

Jackson Batten managing director Robert Rackliffe says: “There is certainly a demand for offshore with-profits bonds. People tend to be quite nervous of going offshore so a with-profits offering should do quite well as long as the charges are not too high.”

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