Chief Minister Howard Quayle MHK and representatives from the Department for Enterprise visited the headquarters of Old Mutual International, the island’s largest life assurance company.

Established more than 30 years ago, the company is part of Quilter.

It employs more than 700 people worldwide, with just over 500 here in the island.

The Isle of Man-based staff provide operational support to Old Mutual International clients in the UK, Europe, Singapore, Hong Kong, Dubai, Latin America and South Africa.

The Chief Minister and his colleagues were welcomed to Old Mutual International’s offices at King Edward Bay House, Onchan, by managing director Peter Kenny, who introduced the delegation to members of the company’s international executive committee.

Mr Kenny then chaired an informal meeting during which he explained the current outlook for the business, and the life sector both here in the island and internationally.

The meeting included a discussion of the company’s and government’s views of the opportunities and challenges for the sector on the island.

The visit concluded with Mr Kenny leading the government party on a guided tour of the offices.

Peter Kenny said: ’The ability to have open dialogue directly with the Chief Minister, departmental ministers, and senior civil servants is one of the factors which makes the Isle of Man such a great place to do business.

’It was a pleasure to welcome the Chief Minister and representatives from the Department for Enterprise, and we greatly appreciate their interest in our business and the sector in which we operate.’

Mr Quayle said: ’It was a pleasure to have been invited to look round the Old Mutual International office.

’The insurance industry is a key part of our diverse economy so this proved an excellent opportunity to learn about the challenges facing the sector.

’The island is endorsed by a range of world-class businesses that choose the Isle of Man as their home, with a strong regulatory framework and supportive environment for companies and their customers.’