UK: BRITANNIC REVEALS EVERGREEN PLANS

Article Abstract:

Britannic intends to capitalise on increasing disquiet among people who have retired over the impact of diminishing annuity rates on their incomes. The UK-based door-to-door life insurance business revealed plans on 15 June 2000 to establish Evergreen, a new start-up business which has obtained capital backing of GB[pound] 24mn. Britannic has recruited the group behind the GE Financial Services-based business, Stalwart, which has prospered in the UK through selling enhanced annuities, which provide solid returns to retired people with a diminished life expectancy as a result of illness.

Organizational history, Britannic Assurance PLC

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UK: INSURERS UNDER FIRE FROM ACTUARIES

Article Abstract:

UK insurance firms are taking no notice of customer representatives at boardroom level and as a result policyholders' interests are being neglected, according to Faculty of Actuaries president, Peter Clark. The views of appointed actuaries in firms have suffered due to the loss of status, noted Mr Clark. Insurers are being accused of not taking account of the risks faced by policyholders because they are more interested in generating profits for shareholders.

Financial management, Brief Article

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FSA chairman reveals scale of clash with Equitable over annuity crisis

Article Abstract:

UK Financial Services Authority (FSA) Chmn Sir Howard Davies has indicated that the authorities clashed strongly with executives at Equitable Life over their management of the guaranteed annuity issue. He denies that the FSA was guilty of miscalculation.

Strategy & planning, Interview, Equitable Life Assurance Society, United Kingdom. Financial Services Authority, Davies, Howard

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