Skandia parent hits trouble
Skandia parent company, major South African insurer Old Mutual Plc has replaced its chief executive officer Jim Sutcliffe in the wake of reporting losses totalling around US$290 million and flagging the likelihood of further write-downs.
According to a Bloomberg report, Old Mutual will inject another US$250 million into its Bermuda-based operation, which failed to hedge guarantees on investment products.
It said this year’s profit would fall as Old Mutual took a US$155 million charge against losses in Bermuda and US$135 million for write-downs on preferred shares held in Fannie Mae and Freddie Mac.
Sutcliffe will be replaced by Julian Roberts.
AUTHOR
Mike Taylor
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