LONDON, March 2, 2001 (PRIMEZONE) -- Old Mutual plc ("Old Mutual") (LSE:OML.L) is pleased to announce a new management structure for its US Life business, aimed at strengthening the Group's international financial services capabilities.
Guy Barker has been appointed Chief Executive of Old Mutual's US Life business. Prior to his appointment Guy had several years of experience in the US market as Chief Actuary of Jackson National Life in Lansing, Michigan. More recently he was Managing Director of NatWest Life in the UK from 1995 until 2000, when he joined Old Mutual as Managing Director, Developed Markets.
Guy, who has assembled a very strong and experienced sales and marketing oriented team to build the business, has today announced a signing of the agreement for the acquisition of Unified Life Insurance Company of Texas. Unified is licensed in 43 states, and will form the base for an annuity and term insurance business to be launched in the second quarter of 2001.
Jim Sutcliffe, Chief Executive, Life, of Old Mutual said, "I am very pleased to have Guy and his excellent team on board. Upon the acquisition of Unified and its broad spread of licenses, we will be able to start operations quickly. We believe the new management team can make a strong contribution to Old Mutual's US operations within the near future."