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US company in move to wrest Swiss Re&#39s hold on reinsurance

Swiss Re&#39s dominance of the UK reinsurance market is to be challenged by

world top five player Reinsurance Group of America.

RGA says it wants to hook up with “aggressive” life companies such as

Prudential if its application for a trading licence is successful and sees

IFAs as an essential part of the business chain.

The licence is due to come through in two to three weeks, allowing RGA to

start trading from offices in the former NatWest Tower.

RGA, which has its head office is in St Louis, Missouri, is one of the top

five life reinsurers worldwide, according to Standard & Poor&#39s, but is

currently unrepresented in Europe. Its core business is long-term

reinsurance. Total revenue last year was $1.34bn. It has total assets of


Unlike most reinsurers, the company will be marketing itself as a

centralised global player rather than one which relies on local


Managing director Perry Thomas says: “At the mom ent there is little

difference between products and little competition.

“But in future, if an IFA is dealing with a big risk, for instance, when a

firm is in ill-health, they could look at which insurer is backed by which

reinsurer and perhaps chose the life office on the basis of this.”


Norwich Union to enter offshore market

Norwich Union is planning to enter the offshore market with a range of long term investment products.The announcement comes after it was granted a licence by the Irish Development Authority to establish an international financial services company based in Dublin.The life office is aiming to launch a range of products within the first quarter of […]

Swag casts doubt over Scottish Widows pension review

More trouble is brewing for Scottish Widows as the Scottish Widows Action Group questions the status of some of its phase one pension review cases.The group says it has already discovered two cases which they claim could fail the misselling test if they were retested second time around.It says Widows fall in bonus rates has […]

Aegon still on acquisition trail

Aegon is still seeking further UK acquisitions following its purchase of Guardian Royal Exchange&#39s life and pensions business says the Financial Times.The Dutch based group whose UK operations include Scottish Equitable, says it would be interested in other life offices especially mutuals with complementary products to its own.Aegon says the purchase of GRE for £759m, […]

Virgin Direct calls for voluntary benchmarks on stakeholder

Virgin Direct is calling on the Government to introduce voluntary benchmarks for stakeholder pensions, claiming there is no excuse for any delay.The move is Virgin&#39s in response to Government&#39s latest consultation paper on stakeholder pensions.In its reply to the paper, Virgin welcomes the Government&#39s decision of &#39sticking to its guns&#39 over the 1 per cent […]


Guide: how to change your auto-enrolment support

As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.


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