Simon Willoughby, head of proposition at Utmost Wealth Solutions, the Isle of Man-based insurance-based investment product provider that was created out of AXA Isle of Man, is to leave the company, following what is being described as a “management restructure”.
Willoughby, pictured above, had been with AXA Wealth International for almost five years, and remained with the business after it was acquired by Life Companies Consolidation Group (LCCG), the insurance company consolidator, in 2016.
In a statement released this evening, Utmost Wealth said Willoughby’s departure was among “some changes” that were being made to the firm’s management team, in the wake of a review.
As part of this review, the decision had been taken to merge the senior management responsibility for both the existing distribution and proposition business functions, the statement said.
“The newly-combined area will be headed by Simon Woolnough, currently head of distribution for Utmost Wealth Solutions,” the statement continued.
“As a result, Simon Willoughby…will be leaving the Utmost Group.”
Willoughby wasn’t immediately available for comment.
“The offshore market has moved on from where it was, so fresh perspectives are always valuable.
“I thank Simon Willoughby for his contribution towards establishing the Utmost brand, and wish him well for the future.”
Willoughby began his career in the insurance industry in 1982 at Royal Life Insurance, working for Scottish Provident International for seven years beginning in 1993. In 2002 he paired up with Brian Lowe to form Acuity Consultants Ltd, an Isle of Man consultancy that, over the following decade, became known for its in insightful research into the cross-border life insurance industry. He joined AXA Wealth International in 2012.
As reported, an Utmost Wealth spokesperson declined to comment in March on reports that Utmost, via the LCCG, might be among those considering making a bid for Friends Provident International, a fellow Manx life business that Aviva Plc is reportedly looking to sell.