Scottish Amicable takes the European plunge
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.SCOTTISH AMICABLE is the first life insurer to take advantage of a European Union directive that comes into force today, giving insurers based in one member country a 'passport' to operate in all EU and European Free Trade Association countries.
Scottish Amicable's launch of a pan-European subsidiary to sell its investment and protection products contrasts with recent moves by other insurers. Commercial Union announced a planned takeover of the French insurer Groupe Victoire earlier this month. Although other UK insurers have subsidiaries on the Continent, takeovers and joint ventures have been the usual route to large- scale Continental expansion.
Paul Bradshaw, chief executive of the new subsidiary, said acquisitions and joint ventures were both relatively expensive. The company would use wholesale distribution channels - it relies on independent financial advisers and appointed representatives in Britain - so it would not need to set up a direct sales force in each country.
Mr Bradshaw said the products would first be tested in Britain, while Germany was the second target market. 'It is the most protected and perhaps the toughest market to crack, but its size and relative under-insurance make it a priority.'
Roy Nicolson, managing director of Scottish Amicable, said: 'The home market is easiest for us, but it is very competitive. There is greater long-term potential in other European markets.'
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments