Scottish Equitable International is setting up a Dublin-based offshore
company to operate alongside its existing Luxemburg operation.
The first product to be issued from Dublin is likely to be a with-profits
bond, details of which will be announced later this year.
ScotEq International actuarial director Stephen Bishop has been appointed
general manager of the Dublin operation. The office will initially employ
around 10 staff, including financial managers and customer services staff.
The Luxemburg base will remain the headquarters and policy administration
centre for the company. Sales and marketing for the UK market will continue
to be run from ScotEq's Edinburgh office.
ScotEq International believes adding a second base within a European
offshore jurisdiction will improve its ability to become a top-three player
in the offshore investment market. It says Luxemburg offers important
advantages of investor protection and confidentiality but Dublin offers a
flexible base from which the group can extend its product range.
Managing director David Healy says: “Luxemburg has provided an ideal base
for us to establish the company and develop a comprehensive singlepremium
product range. However, the UK offshore investment market is growing and
product structures are evolving rapidly.
“We believe a base in Dublin will enable us to develop products to
complement our existing range and provide a springboard for us to achieve
future growth in the UK.”