MGM Advantage is unveiled today

156 year old mutual assurer repositions for retirement market
02-06-2008

A new name in the retirement market is unveiled today as the 156 year old mutual society, MGM Assurance, re-brands itself as MGM Advantage. The UK-based life assurer aims to become one of the top three providers of enhanced annuities covering a wide spectrum of health conditions through its Designs for Retirement operating unit. Former HBOS executive, Craig Fazzini-Jones has been recruited to head the annuities business unit, reporting to Chris Evans, Chief Executive of MGM Advantage.

To ready itself for this exciting new chapter in its history, MGM Advantage has completed a thorough strategic business review supported by extensive market research. The company’s IT systems have now been completely re-modernised and its distribution channel refocused to sell products through independent financial advisers (IFAs).

Chris Evans, Chief Executive of MGM Advantage, said: “We believe that consumers aren’t getting the widest range of options they need at retirement, so we’re preparing to make the most of our mutual status to truly deliver great value products. Our new division, Designs for Retirement, will be led by Craig Fazzini-Jones who understands the annuities market extremely well, having managed the largest annuities broker in the UK. Our industry-leading team combined with our history, mutual status and past annuity innovation gives us a unique platform to create retirement solutions for the future.”

Craig Fazzini-Jones, Director and Head of MGM Advantage Designs for Retirement, said: “Two thirds of UK consumers with maturing pensions still don’t shop around to make sure they get the very best possible retirement income. Choosing an annuity is a decision consumers need to get right, and MGM Advantage wants to be able to help consumers who are approaching retirement to do exactly that. We’ll offer the best possible prices on annuities and make things hassle-free for customers and
their advisers with quicker quotes guaranteed for 45 days, longer than anyone else in the annuities market.”

MGM Advantage’s new Designs for Retirement annuities service will offer:

• Real time quotes
• 45 day quote guarantee
• Wide range of illnesses covered
• Customer Care Line counselling service
• No medical report for annuities up to £300,000
• Customer Charter with a £25 no-quibble payment if a service promise is broken
• Free telephone interviewing service to collect medical data for quotes
• Specialist annuity team

MGM Advantage will continue to offer its existing members and customers the same high level of service on its range of established products, in keeping with MGM Advantage’s unique customer charter.

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NOTES TO EDITORS

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.

About MGM Advantage: mgmadvantage.com
MGM Advantage is a new name in the UK retirement income market. Formerly known as MGM Assurance, the company repositioned itself as MGM Advantage in June 2008, when it launched a wholly-owned business unit called MGM Advantage Designs for Retirement to focus on annuity sales and the wider retirement income market. MGM has been registered longer than any other company in the UK. It is a mutual society owned by its with profit policyholders, and manages assets in excess of £1.6 billion.
MGM Advantage’s commitment to customer satisfaction is backed up by a customer charter, which promises high quality service and ease of mind.

MGM Advantage distributes its products through independent financial advisers (IFAs) across the UK.

MGM Advantage Designs for Retirement, MGM Advantage and the MGM Assurance logos are Trade Marks of Marine and General Mutual Life Assurance Society.

For further information contact:

Clea Bourne Out of hours: 07980 819 543
Flagship Consulting Weekday: 020 7886 8447
clea.bourne@flagshipconsulting.co.uk

Will Brewster Switchboard: 020 7886 8440
Flagship Consulting
Will.brewster@flagshipconsulting.co.uk