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Insurer To Jump Into VA Market

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Old Mutual Financial Network is setting up a variable annuity manufacturing operation.

Old Mutual Financial, Baltimore, an arm of Old Mutual P.L.C., London, says it has hired Patrick Ferren to run the new operation as vice president of variable annuity distribution.

Ferrer also will oversee the management of relationships with registered independent advisors and master general agents.

Ferrer previously was national sales director at a securities unit of Inviva Inc., Louisville, Ky. He has a bachelor’s degree from Rutgers University.

Old Mutual says it is entering the VA market in part to make more use of its connections with Old Mutual’s U.S. mutual fund units.