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[May 07, 2006]

Synesis Life emerges with financial backing

(InsuranceNewslink.com Via Thomson Dialog NewsEdge)Synesis Life Ltd, a new provider of bespoke solutions to the pension and annuity liabilities marketplace, today announced that it has secured financial backing from JPMorgan, the global financial services firm; Royal Bank of Scotland (RBS) and Warburg Pincus.


Synesis has been set up by Isabel Hudson, Mark Duffy and Jay Shah who first became involved in the trend for insurance companies and pension scheme trustees to outsource pension liabilities to specialist providers during their previous careers at Prudential plc. David Newbigging, former Chairman of Friends Provident plc, has been appointed the companys Chairman.

As a new insurer with the operational capability, capital and technical expertise to accept transfers of annuity liabilities and assets, Synesis intends to establish itself as a leading acquirer of medium to large annuity portfolios from UK insurance companies and pension funds.

Initially, the company will target insurance annuities as it believes this segment of the market offers the most immediate opportunities for growth. Leveraging its expertise and understanding of this sector, Synesis will optimise the efficient management of its portfolios.

Financial backing from the three investors would allow Synesis to accept UKP7-10bn worth of liabilities over the medium term. The shareholder base has the financial resources to support further significant growth if justified by the performance of the business.

Synesis has submitted the relevant application to the Financial Services Authority.

Isabel Hudson, Synesis Chief Executive, said: "Structural changes, initially in the insurer market and now in the UK defined benefit pension market, mean that insurers and pension fund trustees are increasingly interested in transferring pension and annuity liabilities to experienced specialists. She added "The substantial, long-term investment provided by our backers will help establish us as a leading player in this sector. We are delighted to partner with such prestigious firms as JPMorgan, RBS and Warburg Pincus - their support represents a huge vote of confidence in our business."

This article is supplied by Insurance Newslink (www.insurancenewslink.com).

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