Old Mutual rejoins ABI

Old Mutual rejoins ABI

Old Mutual Wealth has rejoined the Association of British Insurers, the ABI said on Tuesday. 

The association has lost several companies as members in recent years, occasionally to mergers of entities and, as in the case of Old Mutual as well as those of Aegon and Legal & General, when certain companies decided that the benefits of being ABI members weren’t worth the cost of membership.

In a statement, Steven Levin, chief executive of investment platforms at OMW, said the company had decided to rejoin the ABI because it believed it was important to be “actively engaged in key debates that impact our customers”.

“We are members of a number of trade bodies, reflecting that we work across a broad range of financial services sectors,” he added.

“We are pleased to be [re-] joining the ABI and supporting them as they continue to evolve to become a leading voice for the long-term savings market.”

A statement on the ABI’s website noted that Paul Evans, the outgoing chairman of the trade association, had made an announcement of Old Mutual Wealth’s rejoining at a dinner last night.

The statement quoted Huw Evans, director general of the ABI as saying: “The long-term savings market is evolving rapidly, and the ABI is changing fast to ensure we are fit for the future too.

“Old Mutual will bring a valuable market perspective to our public policy and regulatory work, and will help ensure a strong industry voice on key issues.”

Old Mutual’s departure from the ABI occurred in 2008. L&G and Aegon UK followed, in 2014 and 2015, respectively. Royal London ceased to be a member sometime in 2013, while Clerical Medical International left in 2012, after it closed to new business and became a subsidiary of Scottish Widows.

Founded in 1985, the ABI has more than 250 member companies, which it says account for more than 90% of the UK’s insurance market. It recently moved its London headquarters to offices on Crosswall close to Fenchurch Street Station, which puts it closer to the centre of London’s insurance district than it was on Gresham Street.

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