On 2 December 2015, Harcourt Life acquired the entire share capital of Scottish Mutual International Limited from Phoenix Life Limited. On 15 July 2016, Scottish Mutual International Limited was renamed Scottish Mutual International Designated Activity Company ("SMI").
SMI will continue to be run on a stand-alone basis, to pursue the orderly run off of its business.
SMI an Irish incorporated life assurance company was established to meet the financial needs of international investors by offering a range of investment and life assurance products, both unit-linked and with profits.
SMI closed to new business in 2003 but continues to meet its contractual and regulatory obligations for existing policyholders.
As at 31 December 2016:
- The number of in-force policies – 2,666
- Net Assets held on behalf of policyholders - €229m
- The solvency coverage of the Company – 276% SCR
- Total Assets - €248m
Solvency and Financial Conditions Report (SFCR) 2016
BOARD OF DIRECTORS
• William Finn
• Alan Foley
• Matt Coffey
• Tim Madigan
• Ian Maidens
• Henry O’Sullivan
• Paul Thompson
The Company is subject to the Central Bank of Ireland’s Corporate Governance Requirements for Insurance Undertakings 2015.
Scottish Mutual International Designated Activity Company is regulated by the Central Bank of Ireland. Registered in Ireland: No. 242244
Registered Office: Block 2, Harcourt Centre, Harcourt Street, Dublin 2