Fortis launches UK life business
by Gill Montia
Story link: Fortis launches UK life business
Fortis has launched Fortis Life UK, in a bid to expand its UK business.
The new division will be headed by Martin Werth, former business development manager with Munich Re.
Shanti Duggal, former head of e-business for Friends Provident Life & Pensions, has been appointed operations director.
Although Fortis currently sells protection products to markets outside the UK, it only sells general insurance in Britain.
The company has not as yet revealed details of the new products it will provide, saying only that: “A number of opportunities have been identified building on successful general insurance business here in the UK.”
Fortis has a presence in over 50 countries and is currently expanding its European base. Last year, the insurer acquired part of ABN Amro, the Dutch bank.
The UK life insurance sector is currently intensely competitive and long-established businesses, such as Prudential and Friends Provident, have recently been forced to review their business strategies.
Commenting on the prospects for a new entrant in the market, Trevor Moss, an analyst at MF Global, says: “It depends on what type of products [Fortis] is entering with … take wholesale annuities, was there space? Yes, because Paternoster has come into the market as have Aegon and others. But is there space for another big player like Aviva? No!”