Aegon Ireland have appointed Paul Sherlin as head of third party propositions, leading a drive to offer its guaranteed solutions to more UK customers through partnerships with financial institutions such as platforms, life companies and banks.
Mr Sherlin added that he has seen “unprecedented demand” for guarantees as a result of the pension freedoms, so Aegon Ireland will be using existing expertise in the area to design new structures that meet the specific needs of new partners and customers.
Last month, Aegon’s chief executive Adrian Grace told FTAdviser that they plan to be the first provider to host guaranteed “annuity-style” products on its own Arc platform.
The group is one of three unit-linked guarantees players in the market in the UK, alongside Metlife and Axa.
Mr Sherlin has experience in product development across several European markets, having previously held senior roles at Legal and General International and Norwich Union International.
Prior to this role he held the position of head of offshore bond development, advising Aegon on its UK offshore market strategy.
Duncan Robertson, marketing director at Aegon Ireland, explained that since the 2014 Budget changes, the firm has spent time discussing its guaranteed solutions with a range of platforms and life companies.
“The feedback has been extremely positive, with companies clear that guaranteed solutions are going to play an increasingly important role in meeting their customers’ needs.
“In recognition of the importance we place on this business, we have taken the opportunity to appoint Paul to lead our efforts in expanding our presence in this developing market.”
Last September, Aegon Ireland promoted Barry Cudmore to managing director, assuming responsibility for the firm’s specialist unit-linked guarantees operation which sells into the UK, Germany and France.
At the end of last year, it was reported that advisers could soon be able to use their platforms to purchase lifetime annuities, after a software firm which brought a unique portal offering to market last year revealed it was in discussion with several operators.
peter.walker@ft.com
