LONDON, July 26, 2002 (PRIMEZONE) -- Old Mutual Reassurance (Ireland) Ltd ("Old Mutual Reassurance"), Old Mutual plc's ("Old Mutual's") captive Reassurance company, which was established in Dublin in May 2002, reports funds under management now exceeding $1bn. These funds largely comprise assets of Fidelity & Guaranty Life, Old Mutual's life assurance subsidiary based in the USA. Old Mutual Reassurance will, in future, enter into retrocession and Reassurance contracts on behalf of third parties, as well Old Mutual, its parent.
Chairman of Old Mutual Reassurance is John Donnelly. John Donnelly is a chartered accountant and barristeratlaw and was formerly the chairman of Deloitte and Touche in Ireland. John Clifford, FCA has recently been appointed Chief Executive. Before joining Old Mutual Reassurance, he qualified with Touche Ross and then held a number of positions with Prudential PLC in the UK and USA.
Old Mutual, London James Poole Tel: 44 20 7569 0100 College Hill, London Nicholas Williams Tel: 44 20 7457 2020