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The Actuary The magazine of the Institute & Faculty of Actuaries

Two new life companies

Rather as is usually said about buses, you get no new life companies for what seems like ages, and then two appear almost together. This reflection was prompted by the news – within the space of just a few days – that the FSA was minded to authorise both Paternoster Life and Synesis Life.

Both new companies are addressing the pensions and annuity market particularly and both are led by former Prudential executives. Paternoster, led by Mark Wood, boasts a stellar board of directors including former Institute president Jeremy Goford and Sir Howard Davies of the LSE (and formerly of the FSA). The company announced shortly before we went to press that Lord Turner of Ecchinswell also was to join the board.

Synesis is led by Isabel Hudson together with two other former Prudential executives. This month (see Appointments) the company announced the appointment of Gavin Hill as investment director.