Beechwood Bermuda has completed the acquisition of Old Mutual (Bermuda), which provides insurance and investment products.

Old Mutual

Terms of the deal have not been disclosed.

Established in 2000, Old Mutual Bermuda provides life assurance, asset management, banking, as well as property and casualty insurance services.

Under the deal, Old Mutual will reinsure certain policy guarantees until they mature in 2017 and 2018.

The firm, which has around $1bn worth assets, also provides international investment plans to non-Bermuda residents.

Beechwood CEO Mark Feuer said: "This transaction offers a unique opportunity to strengthen our position as a global leader and demonstrates our dedication to providing innovative financial solutions for international investors.

"Our scale and resources will allow us to continue to meet and further develop client demand for our products for years to come."

According to Beechwood, it will work with Old Mutual Bermuda’s distribution partners to introduce its Accumulator Plus and Escalator Plus investment plans.

Beechwood products and services executive vice-president David Lessing said: "The growing client demand for the Beechwood products reinforces our decision to make a significant commitment to this business in support of our distribution partners and their financial advisors."

The company noted that certain regulatory approvals for the transfer of future policy administration arrangements are expected to be received by the end of first quarter this year.

Beechwood family of companies includes licensed long-term insurer Beechwood Bermuda and Grand Cayman-based reinsurer Beechwood Re.

Image: Beechwood Bermuda has acquired insurance firm Old Mutual Bermuda. Photo: courtesy of stockimages /