NEW YORK, Oct. 9, 2015 /PRNewswire/ -- Beechwood Bermuda International Limited is pleased to announce the formation of its new subsidiary, Beechwood Bermuda Middle East ("BBME"). BBME will be responsible for marketing and distribution of Beechwood's successful international investment products in the United Arab Emirates and other parts of the Middle East. David Lessing, a Beechwood partner and EVP of Products & Solutions, noted, "Our expansion into the UAE builds off our success in Latin America and Asia, where advisors and clients of leading wealth management firms have demonstrated significant and growing demand for our guaranteed investment products. We are confident the same demand exists in the Middle East for Beechwood's attractive rates and unique monthly step-up features, coupled with the security of our guarantees and segregated account structures."
In addition, Beechwood announces the hiring of BBME's CEO, Mark Hollis. Mr. Hollis previously served as Head of Bank Distribution at Standard Life (DIFC) Ltd where he was responsible for creating new business opportunities and managing product distribution. Prior to Standard Life, Mr. Hollis held the role of Regional Director of the Middle East & Africa at both P2 International (Bermuda) Ltd and Old Mutual (Bermuda) Ltd. As Regional Director, he built relationships with various international, regional and local banks and connected distributors by matching their needs with appropriate solutions. Mr. Hollis also held various positions at HSBC Bank throughout the region. He has more than 20 years of experience in the banking, finance, and insurance markets, and with working with central banks and regulatory authorities in order to ensure conduct and activities are in accordance with local regulations. Mr. Hollis remarked, "My decision to join Beechwood reflects my view that Beechwood is better positioned than other firms to meet client demand in the Middle East. I look forward to expanding our relationships throughout the region."
Mark will report to David Lessing and be based in Beechwood's office in Dubai.
About Beechwood Re, Ltd. and Beechwood Bermuda International Ltd.
The Beechwood family of companies includes Beechwood Bermuda International Ltd., a licensed long-term insurer regulated by the Bermuda Monetary Authority (BMA), and Beechwood Re, a reinsurer domiciled in Grand Cayman and regulated by the Cayman Islands Monetary Authority (CIMA). The Beechwood companies provide direct-written investment products to clients globally, and life, annuity, and long-term care reinsurance to primary insurance companies in the U.S. and internationally. The companies were formed with the belief that there is a shortage in attractive capacity for the life and annuity markets, driven by a need for flexibility and creativity in underwriting and product development in markets associated with asset risk.
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SOURCE Beechwood Re, Ltd.