Skandia


Skandia
Skandia's logo

Skandia is a Swedish insurance company that was started in 1855. It has operations in Europe, Latin America, Asia and Australia. Skandia also operates an internet bank called Skandiabanken.

In 2003 the operations in North America, American Skandia, was acquired by Prudential Financial. The CEO of American Skandia, Wade Dokken partnered with Goldman Sachs and sold the division to Prudential Financial for $1.2 billion.[1]

Skandia is one of the world's leading independent providers of solutions for long-term savings and investments. They offer products and services that cater for various financial needs and security. Skandia pioneered the "MultiManager" approach, which has now been adopted by most life insurance providers.

Skandia's largest operation, in terms of new business and profit, is the United Kingdom which launched in 1979. Their UK headquarters is Skandia House in Southampton. Peter Mann became the current Chief Executive Officer for the UK and Offshore Group on May 1st 2010.[2] [3] Mann replaced former CEO Nick Poyntz-Wright who'd been with the company for 21 years.

In 2005 South African/British financial services group Old Mutual launched a $6.5bn (£3.6bn) bid to acquire majority control of Skandia, which was met with resistance from some of Skandia's shareholders and directors. On February 3, 2006 Old Mutual completed its acquisition of Skandia, which was subsequently delisted from the Stockholm and London stock exchanges.[4]

Contents

Rebranding

Skandia's old logo

Following Old Mutual's takeover, Skandia announced it would be "going green" and underwent a rebranding from January 2008. The company announced that it would take 18 months for the rebranding to complete, with the UK and offshore division being first. The old logo was replaced with a new one to be more in-line with Old Mutual's colours.

Skandia also decided that it would no longer be sponsoring Cowes Week after 14 years, with its last year of sponsorship being 2008. The company cited other more national events to sponsor rather than a localized one. [1]

Criticisms

Controversy surrounded Skandia in recent years, mostly due to illegal internal affairs with the subsidiary Skandia Life, and for having provided executives with subsidized apartments in Stockholm. The involved executives are among others Lars-Eric Petersson and Ulf Spång. The Skandia trademark and reputation were tainted during this time. It was discovered in late 2003 that executives at Skandia had embezzled 13 billion Swedish kronor. Subsequently, the board had to resign and in 2006. Lars-Eric Petersson was sentenced to two years in prison, however, the case was later appealed to a higher court.

On 19 December 2007, the Court of Appeal dismissed all charges against Lars-Eric Petersson.

The charges by the prosecutor proceeded from the prerequisite that the payments from Skandia’s bonus program, called Wealthbuilder, to the beneficiaries were limited to an amount of SEK 300 million during the time period 1 January 1998 – 31 December 1999. According to the prosecutor, Lars-Eric Petersson had, without the consent of the Board, removed the cap on the bonus programme by signing a document named Appendix 3, and thus causing payments of additionally approx. SEK 156 million to the beneficiaries.

On 26th March 2010, the former legal head of Skandia Germany, Michael Wolski, was prosecuted for tax fraud of the Cezanowski family (about EUR 50 million which Michael Wolski cashed in) for 2 years and 6 months jail in Darmstadt, Germany. His wife Karin Wolski, who is a high court judge, resigned on the same day. His wife is driving among others a Bugatti Veyron, which was bought from the "stolen" money.

According to the Court of Appeal, the prosecutor was not able to prove that the limitation for Wealthbuilder was still in force when Lars-Eric Petersson signed Appendix 3 in December 2000. The charges were therefore dismissed. (Translation of the press release from the Svea Court of Appeal)

See also

Factory 1b.svg Companies portal

References

  1. ^ "Wade Dokken: Bibiliography". http://wade-dokken.com/biography/. Retrieved 25 February 2011. 
  2. ^ http://www.moneymarketing.co.uk/peter-mann-to-become-skandia-uk-chief-executive/1010805.article
  3. ^ http://www.dailyecho.co.uk/news/district/southampton/8127580.New_boss_for_2_000_staff_after_surprise_resignation/
  4. ^ http://news.bbc.co.uk

External links


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Skandia — Lebensversicherung AG Rechtsform Aktiengesellschaft, Teil der internationalen Old Mutual Gruppe Gründung …   Deutsch Wikipedia

  • Skandia — es una empresa aseguradora de Suecia que inició sus actividades en 1855. La empresa opera en Europa, Latinoamérica, Asia y Australia. Skandia también opera un banco por internet denominado Skandiabanken. En 2003 las operaciones en Norteamérica,… …   Wikipedia Español

  • Skandia — u. Skandiä, s.u. Skandinavien …   Pierer's Universal-Lexikon

  • Skandia-Theater — Skandia Teatern, November 2009 Das Skandia Theater, (schwedisch Skandia Teatern oder Skandia) ist ein klassisches Lichtspielhaus in Stockholm mit der Adresse Drottninggatan 82. Das vom Architekten Gunnar Asplund entworfene Skandia Theater wurde… …   Deutsch Wikipedia

  • Skandia (Begriffsklärung) — Skandia bezeichnet Skandia, ein internationaler Finanzdienstleister Skandia Theater Skandia Navigator Skandia (Schiff von 1866) Skandia (Schiff von 1905) Skandia Township (Michigan) Skandia Township (Minnesota) Skandia Township (North Dakota) …   Deutsch Wikipedia

  • Skandia (disambiguation) — Skandia is a Swedish insurance company.Skandia may also refer to:* Skandia Township, Marquette County, Michigan * Skandia Township, Murray County, Minnesota * a brand of modular shelving from The Container Store in the USA …   Wikipedia

  • Skandia Township — ist der Name mehrerer Townships in den Vereinigten Staaten: Skandia Township (Michigan) Skandia Township (Minnesota) Skandia Township (North Dakota) Diese Seite ist eine Begriffsklärung zur Unterscheidung mehrerer mit demselbe …   Deutsch Wikipedia

  • Skandia Township, Barnes County, North Dakota — Skandia Township is a civil township in Barnes County, North Dakota, USA. As of the 2000 census, its population was 54. [cite American Factfinder|twp|3800373500|general|Skandia Township] References …   Wikipedia

  • Skandia Township, Michigan — Infobox Settlement official name = Skandia Township, Michigan settlement type = Township nickname = motto = imagesize = image caption = image |pushpin pushpin label position =left pushpin map caption =Location within the state of Michigan pushpin …   Wikipedia

  • Skandia Township, Murray County, Minnesota — Infobox Settlement official name = Skandia Township, Minnesota settlement type = Township nickname = motto = imagesize = image caption = image |pushpin pushpin label position =left pushpin map caption =Location within the state of Minnesota… …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.