Scottish Equitable International, Aegon UK's offshore life group, is set to launch an offshore company in Dublin.
This new company will operate alongside the group’s existing offshore base in Luxembourg.
One of the group’s key markets in the UK is the growing mass affluent sector or those with £50,000 or more to invest. The first new product to be issued from Dublin is likely to be a with-profits bond, details of which will be announced later this year.
David Healy, managing director of Scottish Equitable International said: “Luxembourg has provided an ideal base for us to establish the company and develop a comprehensive single premium product range, and has paved the way for growth in the UK and other European markets.”
“We believe that a base in Dublin will enable us to develop products to complement our existing Luxembourg range and provide a springboard for us to achieve future growth in the UK.”
The firm has appointed Stephen Bishop as general manager for the new offshore company in Dublin, which is set to be in operation by September this year.
Currently actuarial director, Bishop joined Scottish Equitable in October 1997.
In Dublin he will manage the planning and implementation of the new project and will oversee its product development strategy.
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