Offshore
Bermuda Firm Gives Acquired Business A Makeover

An insurance firm acquired by a fellow Bermuda-based business has been renamed.
Beechwood Bermuda, the investment plan provider, has renamed its
acquired Old Mutual (Bermuda) business to Beechwood OMNIA.
The renamed business, which has been integrated into Beechwood’s
existing platform, includes clients from around 40 distribution
partners through Asia, Latin America and the Middle
East.
Although Beechwood OMNIA has been closed to new investors since
2009, existing clients of the business will have access to
enhanced features and fixed accounts with higher rate options
than are currently offered, Beechwood Bermuda said in a statement
yesterday.
Also, as more financial institutions add Beechwood’s Preferred
Rate Plus and Escalator Plus investment plans to their platforms,
many Beechwood OMNIA clients can move their investments to these
products, it said.
The Beechwood family of companies includes Beechwood Bermuda
International, a licensed long-term insurer located in Hamilton,
Bermuda, and regulated by the Bermuda Monetary Authority, and
Beechwood Re, a reinsurer domiciled in Grand Cayman and regulated
by the Cayman Islands Monetary Authority.
Old Mutual (Bermuda) was formed in May 2000 in Bermuda as a
long-term insurer, which authorises it to issue
international investment plans to non-Bermuda residents.