Scottish Annuity & Life Holdings Ltd, a Grand Cayman-based provider of offshore variable annuities, is to set up a joint venture with Crown World Services, based in Bermuda, which provides variable life insurance products.
The new company, which will be named Scottish Crown (Bermuda) Group, will be headquartered in Hamilton, Bermuda under 50:50 ownership. Whilst Crown World will contribute its distribution network and product design technology to the venture, Scottish Annuity will provide underwriting, policy administration, and estate planning.
Chairman and Chief Executive Officer of Scottish Annuity & Life Michael C French said:
'Scottish Crown will be one of the largest global issuers of offshore variable insurance policies to high net worth world citizens.'
Perry Lerner, Chairman of Crown World Services, said 'This strategic alliance will benefit our clientele directly since we are able to offer enhanced product development capabilities and leverage our distribution networks. More importantly, our partnership with Scottish Annuity & Life will allow us to better meet the sophisticated financial needs of our customers.'
Crown World Services has offices in both Bermuda and London and is a life insurance advisory services group serving the high net worth marketplace. Crown has been around for over a hundred years and specialises in international tax law, insurance product design, private banking and investment management. Scottish Annuity & Life provides reinsurance of annuities and life insurance products and is a direct issuer of customized variable life and annuity products for high net worth individuals and families.
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