SWISS LIFE INSURANCE
Swiss Life was a major player in the Uk protection marketplace since 1967 with brokers & intermediaries. Switzerland's biggest insurer, Swiss Life, however finally decided to exit the British insurance market after 36 years in 2003 as it sold its last UK operation. The US giant Unum Provident initially bought Swiss Life's UK income protection and critical illness division for an undisclosed sum. The firm has also stopped offering individual life insurance policies.
In 2005, Resolution Life Group acquired Swiss Life UK which had closed to new business in 2003. Subsequently Resolution integrated the former Royal & SunAlliance UK life business (R&SA Life) and Swiss Life (UK) plc (Swiss Life UK) into one group called Phoenix Life Group (Phoenix). From 2005 all Swiss Life UK policies were re-branded to Phoenix Resolution's team to provide back up for old Swiss Life UK policies branded protection products.
In 2008 Pearl Group Ltd acquired Resolution Phoenix Life Group which includes administration of plans from Scottish Provident, Scottish Mutual, Phoenix, Royal Sun Alliance, London Life, Britannic Assurance, Cornhill, NPI, & Alba Life formerly Britannia Life. In 2009, the proposed merger of Friend Provident Uk & Resolution was formally agreed subject to regulatory agreement.
Swiss Protection products included Life cover, decreasing (mortgage protection) or level term assurance, Life with Critical Illness & Income Protection.
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Article on:Swiss Life Insurance ~ for more information visit.www.phoenixlifegroup.co.uk*
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