HSBC Life appoints new managing director

Richard Andrew Reid has been appointed managing director of HSBC Life Assurance (Malta) Ltd. Mr Reid, 39, has worked with HSBC since 1989 and occupied senior management positions in HSBC's health, retirement and life insurance businesses.

A graduate in Mathematics with Statistics from Nottingham University (1986) he initially worked in the life insurance industry for three years before joining HSBC, where he qualified as an actuary in 1994.

"Retirement planning and health insurance are subjects that are currently receiving a lot of attention in Malta, with important changes in both sectors being widely expected," Chris Hothersall, HSBC Malta's chief executive officer, said.

"HSBC has been preparing for these changes and, where possible, is determined to offer customers in Malta the best retirement planning and health insurance products. Richard has an established reputation within HSBC in this field and I am certain that his arrival in Malta will ensure that HSBC Life will continue to meet the challenges ahead successfully."

Before his arrival in Malta, Mr Reid was head of Health and Retirement at HSBC Life (UK). This was a new role created within HSBC Bank plc to oversee the development of HSBC's Health Cash Plan, Private Medical Insurance and Retirement Income ranges. He also managed a key project to identify solutions to optimise the tax position of the UK Life Company.

Until last May Mr Reid was HSBC Bank's chief operating officer, Private Client Division in the UK, with responsibility for delivery of all business support functions for the Private Clients' proposition as well as managing the interface with Customer Services.

Among other important functions, including technical support on tax, trusts, estate and pensions planning, this role also included carrying out product research for HSBC's private clients division in Malta.

"The months ahead will certainly be challenging for HSBC Life (Malta) but I am certain that, with the excellent team we have here, HSBC will be able to offer the best products and service designed to meet the future needs of our Maltese customers," Mr Reid said.