Life: Speculation comes to a head as general insurer appoints protection expert
By Johanna Gornitzki
It is very likely that general insurance specialist Fortis will enter the life insurance market this year, COVER understands.
Speculation has mounted after Martin Werth, a former protection specialist at Munich Re, was confirmed to have joined the insurer.
Werth left his previous role as business development manager at Munich Re last spring, after the reinsurer went through a restructure. He joined Fortis on 1 October last year.
It is understood that his sole role at Fortis is to look at the insurers' opportunities in the UK life sector.
A source further confirmed that: "At the moment, Fortis is reviewing its options within the life market. We have to wait and see what that review unfolds."
Peter Chadborn, principal of CBK, said he would be pleased if Fortis entered the sector.
"Just like when Virgin and Prudential entered the market I think anything that is different is healthy for the market and in particular when it comes to the protection sector. It would be very interesting to see what it would do differently. I can only assume a company that is based on mainland Europe would bring fresh ideas to the market," he said.
If Fortis enters the protection sector it would be good news for the industry as many experts predict there will be plenty of consolidation over the next few years leaving the protection market with less players.
Werth left Munich Re after more than 20 years with the firm.
Fortis ranks among the twenty largest financial institutions in Europe. It specialises in banking and insurance.
