Providence Life, a Mauritius-regulated life company launched in 2009, has named Peter Drummond to the newly-created post of executive director, in charge of global strategy.
Drummond will be based in Dubai, but will oversee Providence’s global growth strategy in such key markets as Latin America, Africa and Southeast Asia, the company said in a statement.
As reported, Drummond revealed earlier this month that he was to leave the Bahrain-based life business formerly known as Legal & General Gulf, which he had helped to see through its 2015 sale to its locally-based JV partner, Ahli United Bank.
During his time there, Drummond also helped the company to develop its business in retail and corporate life products sales and distribution in Bahrain, Kuwait and Oman.
Drummond revealed his planned departure one day after L&G Gulf announced that it was changing its name to Al Hilal Life, and that its Legal & General Gulf Takaful subsidiary was becoming Al Hilal Takaful.
Drummond, who is originally from the UK, is well known to many in the international life and advisory industry, and has held a number of senior positions at such companies as Friends Provident International, Oman Insurance Co, Muscat Life Insurance and NatWest Insurance Services.
New generation life company
Providence is seen as one of a new generation of tech-savvy companies in the international financial services space, which have sprung up in the last few years to compete with such large, established players as Zurich, Friends Provident International and Generali. It was founded by Austin Blair, a Brit from Belfast whose previous experience had included a stint with the deVere Group advisory firm.
Because it is privately held, no data about its sales or assets under management is available. Its catchphrase, on the home page of its website, is: “Retirement and savings solutions for the modern-day explorer”.
Providence Life promotes itself as an agile alternative to the big life companies, and says its Mauritius domicile is a well-regulated as well as “neutral” domicile, which makes it attractive to expats and other multi-jurisdictional individuals of all nationalities.
In a statement, Blair said Providence Life’s global distribution strategy posed “some unique challenges and opportunities,” which he noted that Drummond had the “breadth of experience to guide [it] through”, as it extended its distribution reach globally.