A large British insurer is starting to assemble the team that will run its new variable annuity operations.

Old Mutual Financial Network, Baltimore, the U.S. arm of Old Mutual P.L.C., London, has hired McCamish Systems L.L.C., Atlanta, to run the VA program back office.

McCamish, which already services offshore products for an Old Mutual unit in Bermuda, will process new business, issue contracts, run the call center, maintain contracts, administer funds, process claims, write checks and compensate agents, the firm says.

McCamish expects Old Mutual to start selling the new variable annuities in early 2007.