MGM Assurance re-brands as MGM Advantage

A new name in the retirement market is unveiled today as the 156 year old mutual society, MGM Assurance, re-brands itself as MGM Advantage.

The UK-based life assurer aims to become one of the top three providers of enhanced annuities covering a wide spectrum of health conditions through its Designs for Retirement operating unit. Former HBOS executive, Craig Fazzini-Jones has been recruited to head the annuities business unit, reporting to Chris Evans, Chief Executive of MGM Advantage.

To ready itself for this exciting new chapter in its history, MGM Advantage has completed a thorough strategic business review supported by extensive market research. The company's IT systems have now been completely re-modernised and its distribution channel refocused to sell products through independent financial advisers (IFAs).

Chris Evans, Chief Executive of MGM Advantage, said: "We believe that consumers aren't getting the widest range of options they need at retirement, so we're preparing to make the most of our mutual status to truly deliver great value products. Our new division, Designs for Retirement, will be led by Craig Fazzini-Jones who understands the annuities market extremely well, having managed the largest annuities broker in the UK. Our industry-leading team combined with our history, mutual status and past annuity innovation gives us a unique platform to create retirement solutions for the future."

Craig Fazzini-Jones, Director and Head of MGM Advantage Designs for Retirement, said: "Two thirds of UK consumers with maturing pensions still don't shop around to make sure they get the very best possible retirement income. Choosing an annuity is a decision consumers need to get right, and MGM Advantage wants to be able to help consumers who are approaching retirement to do exactly that. We'll offer the best possible prices on annuities and make things hassle-free for customers and their advisers with quicker quotes guaranteed for 45 days, longer than anyone else in the annuities market."

MGM Advantage's new Designs for Retirement annuities service will offer:

Real time quotes
45 day quote guarantee
Wide range of illnesses covered
Customer Care Line counselling service
No medical report for annuities up to £300,000
Customer Charter with a £25 no-quibble payment if a service promise is broken
Free telephone interviewing service to collect medical data for quotes
Specialist annuity team

MGM Advantage will continue to offer its existing members and customers the same high level of service on its range of established products, in keeping with MGM Advantage's unique customer charter.