Skandia International, also known as Royal Skandia, is one of the biggest names in the offshore insurance and investment markets, is shortly to change its name to Old Mutual International, to fall in line with the parent company, Old Mutual plc. This will have certain consequences and policyholders need to be aware of how these may affect them.
The formal change of name will take effect from 22nd December and is part of a wider rebranding exercise across all brands under Old Mutual plc. Whilst it will pretty much be business as usual, there are a few points that policyholders should be aware of.
All literature will be rebranded so anything with the Royal Skandia or Skandia International name will only be accepted for a few more weeks. This means that if you have any forms to return it is best to do so as soon as possible or they may be rejected.
From 22nd December onward any payment made by cheque should be made payable to Old Mutual Isle of Man Limited. Any existing cheques held for payment will be accepted for a limited period only, so replacements may be required in some cases.
The company bank account numbers will remain the same but the names of the accounts will change. If you make payments electronically, that is by bank standing order, you will need to alter the instructions so the payee is shown as Old Mutual International Isle of Man Limited. I would recommend that policyholders do this sooner rather than later.
If you receive regular income withdrawals, you may notice the new name on your bank statements.
This simply a rebranding exercise and will not affect the terms and condition of any plans, nor affect any funds.
Should you have any queries, please do not hesitate to contact me at email@example.com