David Gregory has joined the 1291 Group Europe Ltd’s as a London-based partner, a new role, as the Zurich-based broker of private placement life insurance products for high-net-worth individuals expands into the UK market.
Until the end of last year, Gregory, pictured above, had been executive director of UK and international business for Generali’s PanEurope operation.
He joined Generali PanEurope in April, 2012 to oversee a new operation that would target the UK high-net-worth and ultra-high-net-worth market, from Canada Life International, where he had been for almost a decade. Prior to that he was with AXA Wealth for around nine years.
At Generali, Gregory hasn’t been replaced, but his duties have been taken on by Marc Acheson, the UK-based regional director for Western Europe at Generali PanEurope, who has been with Generali since 2012 and, like Gregory, had previously worked for Canada Life.
The 1291 Group gets its name from a historically important protection syndicate, of sorts, that was founded in 1291 in an area that eventually became Switzerland. It is based in Zurich but also has operations in the Americas (via Bermuda) and elsewhere in Europe (via Liechtenstein and London).
According to Gregory, as was the case when he was with Generali, his focus for the 1291 Group will be on the UK’s high-net-worth and ultra-high-net-worth market, only now, Generali will be among the insurance brands he’ll be representing, as he works with private banks, family offices and high-end wealth managers.
He says that the market for insurance products as a “wealth planning tool” for HNWIs and UHNWIs has been growing recently, and that 1291 Group’s low fee structure has helped enable it to grow to become one of Europe’s largest independent insurance brokers in just a decade.
According to its website, the 1291 Group was founded in 2000 as a subsidiary of NMG Group Inc, a financial services consulting group based in Singapore, with 14 offices worldwide. It launched its European operation in 2007.
The 1291 name was adopted in 2015, after a management buyout of the NMG Group, which by this point had become a minority shareholder in the business.