Posts Tagged ‘Beechwood’

Beechwood To Acquire Old Mutual Bermuda

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Beechwood Bermuda, Ltd. Acquires Offshore Writer of Investment and Annuity Products

HAMILTON, Bermuda, Jan. 4, 2016 /PRNewswire-HISPANIC PR WIRE/ — Beechwood Bermuda, Ltd. (”Beechwood”) today announced the completion of its acquisition of Old Mutual (Bermuda), Ltd. (”OMB”), a Bermuda based provider of insurance and investment products with over $1 billion in assets, which closed for new business in 2009. Beechwood, one of the largest providers of international investment plans, now has over $2 billion in total assets and is featured on the platforms of over 100 banks and brokerage firms around the world.

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The transaction, which closed on December 31, 2015, provides for the continuation of service support by Old Mutual for the OMB products over the next three years, supplemented by additional support from Beechwood’s growing wealth management business. As part of the arrangement, Old Mutual will reinsure certain policy guarantees until they mature in 2017 and 2018. Given the continuity of resources, no disruption to client service is anticipated.

“This transaction offers a unique opportunity to strengthen our position as a global leader and demonstrates our dedication to providing innovative financial solutions for international investors,” said Mark Feuer, Chief Executive Officer of Beechwood. “Our scale and resources will allow us to continue to meet and further develop client demand for our products for years to come.”

Over the next several weeks, Beechwood will be contacting OMB’s distribution partners to discuss the transition and introduce Beechwood’s Accumulator Plus and Escalator Plus investment plans, which offer attractive rates and unique investment features such as principal protection guarantees. David Lessing, Executive Vice President of Products and Services at Beechwood, noted, “The growing client demand for the Beechwood products reinforces our decision to make a significant commitment to this business in support of our distribution partners and their financial advisors.”

Financial terms of the transaction were not disclosed. Certain regulatory approvals for the transfer of future policy administration arrangements are expected by the end of Q1 2016.

About Beechwood Bermuda Ltd. and Beechwood Re, Ltd.
The Beechwood family of companies includes Beechwood Bermuda Ltd., a licensed long-term insurer located in Hamilton, Bermuda and regulated by the Bermuda Monetary Authority (BMA) — and Beechwood Re, a reinsurer domiciled in Grand Cayman and regulated by the Cayman Islands Monetary Authority (CIMA). The companies were formed to provide solutions that address significant demand from: (1) non-U.S. high net worth investors seeking innovative, guaranteed investment products; and (2) U.S. and international insurers in need of attractive capacity in the life insurance and annuity reinsurance market.

More information is available by contacting Julianne Classey, Head of Media Relations at jclassey@beechwood.com or (646) 356-1629.

RELATED LINKS:
http://www.beechwoodbermuda.com
http://www.beechwoodre.com

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Beechwood Opens Headquarters in Hamilton, Bermuda

NEW YORK, March 12, 2015 /PRNewswire/ – Beechwood Re announced today the opening of its affiliate Beechwood Bermuda International Limited’s new headquarters in Hamilton, Bermuda. The office, located at Cumberland House, 1 Victoria Street, will support both Beechwood’s reinsurance business that provides capacity to Life, Health, and Annuity insurance companies and Beechwood’s wealth management business that offers direct-written investment products to global (non-U.S.) investors. The new office, according to David Lessing, Executive Vice President of Beechwood, “represents an important next step in Beechwood’s commitment to offering unique solutions for our clients. It allows us to more effectively leverage the world-class infrastructure and expertise available in Bermuda.”

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Beechwood’s Bermuda office will be managed by Graham Mackay, FSA, whom Beechwood has appointed Chief Operating Officer and Head of Underwriting. In this role, Graham will be responsible for key operating functions of the company and the underwriting and management of reinsurance transactions written into Bermuda.

Graham has provided reinsurance solutions and services to clients for over 30 years, covering the full range of products written by life and annuity insurers in key global markets. Graham joins Beechwood from Ernst & Young, LLP where he led their Life Reinsurance Practice serving clients in Bermuda, the Cayman Islands and the U.S.  Prior to EY, Graham held senior management and technical roles with global reinsurers including Mercantile & General Reinsurance, Lincoln Reinsurance, ING Reinsurance, Imagine Re, and Duncanson & Holt and established Milliman’s life actuarial practice. Graham is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries, and a Member of the American Academy of Actuaries.  He holds a Bachelors of Mathematics from the University of Waterloo.

About Beechwood Re, Ltd. and Beechwood Bermuda International Ltd.
The Beechwood family of companies includes Beechwood Re, a reinsurer domiciled in Grand Cayman and regulated by the Cayman Islands Monetary Authority (CIMA), and Beechwood Bermuda International Ltd., a licensed long-term insurer regulated by the Bermuda Monetary Authority (BMA).  The companies were formed with the belief that there is a shortage in attractive capacity for the life and annuity markets, driven by a need for flexibility and creativity in underwriting and product development in markets associated with asset risk.  The Beechwood companies provide life, annuity, and long-term care reinsurance to primary insurance companies in the U.S. and internationally, and direct-written investment products to clients globally.

Media Relations – Julianne Pepe – jpepe@beechwood.com – (646) 356-1629

RELATED LINKS
http://www.beechwoodbermuda.com
http://www.beechwood.com

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