Old Mutual Financial Network, the U.S. arm of London's Old Mutual PLC, has chosen McCamish Systems LLC to supply administrative support for its entry into the U.S. variable annuity market, the Atlanta outsourcing company said Tuesday.
McCamish services offshore products for Old Mutual through Old Mutual Bermuda and will expand the relationship to support Old Mutual's plan to introduce variable products early in the first quarter of 2007.
The privately held Atlanta company is to provide back-office services including new business processing and contract issuance, a call center, contract maintenance, fund administration, trading, claims processing, check writing, and agent compensation.
Old Mutual said that entering the variable annuity business in the United States would balance the company's product portfolio. Old Mutual Financial Network is the marketing name for the insurer's U.S. life insurance and annuity operations.
