MGM Advantage appoints Nigel Gray

MGM ADVANTAGE appoints CHIEF ACTUARY

May 2010 – MGM Advantage, the leading retirement specialist, today announced that Nigel Gray has been appointed to the role of Chief Actuary.

Reporting to Chief Financial Officer Geoff Shanks, Nigel will have a major role in the strategic focus of Solvency II implementation plans, particularly from an actuarial perspective.

Nigel joins MGM Advantage from Lloyds of London, where he led the Capital Modelling team. At Lloyds, his focus as a work stream leader under Solvency 11 was for obtaining approval for the internal model framework. Nigel has also worked for Equitable Life, HBOS, Assurant Solutions (Chief European Actuary) and Liverpool Victoria (Head of Savings and Investment).

Geoff Shanks, Chief Financial Officer, MGM Advantage commented: “We are delighted with Nigel’s appointment and the wide-ranging actuarial expertise he brings to MGM Advantage.

“In particular, Nigel’s experience of Solvency II will be of enormous benefit to the Society as we prepare to implement the rules in 2012, “said Geoff.

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For further information
Citigate Dewe Rogerson
Alistair Kellie                            020 7282 2850
Jo Skinner                               020 7282 1092
Sophie Woodcock                  020 7282 1072

About MGM Advantage
www.mgmadvantage.com

History: Based in Sussex, the life assurer opened its doors in 1852 as Marine and General Mutual Life Assurance Society, to fill the poorly-met insurance needs of seafarers and traders.

MGM Advantage is a new name in the UK retirement income market. Formerly known as MGM Assurance, the company rebranded as MGM Advantage, Designs for Retirement in June 2008 and repositioned the company as a retirement income specialist.

Its launch product – an Enhanced Annuity – is designed to provide additional income in retirement for people with any health conditions or a poor medical history and is distributed through independent financial advisers (IFAs) across the UK.

MGM Advantage has recently launched a new and unique asset backed annuity - the Flexible Income Annuity, which will give customers the potential to receive a greater income than through a fixed level conventional annuity. The new product includes the flexibility to change income levels at different stages of retirement and the potential for growth and therefore the potential to negate the impact of inflation. It also provides a minimum income guarantee and death benefits.

MGM Advantage is a mutual society owned by its members, and manages assets in excess of £1.4 billion. MGM Advantage’s commitment to customer satisfaction is backed up by an industry-leading customer charter, which promises high quality service and a £25 no-quibble payment to any customer who hasn’t received the level of service they expected.
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MGM Advantage Designs for Retirement, MGM Advantage and the MGM Assurance logos are Trade Marks of Marine and General Mutual Life Assurance Society.