Willoughby, who spearheaded the insurer’s rebrand from Axa Isle of Man in October 2016, was made redundant on Monday.
Utmost chief executive Mike Foy exclusively told International Adviser: “After completing our deal last October, we kind of let things settle down. We’ve now reviewed our leadership team and essentially what we determined is bringing our sales and marketing propositions together gives us a better focus on our core market.”
This left the company with two people for one job, Foy explained.
“We’ve got Simon Woolnough who is currently our head of sales who is going to run sales and marketing. As a result, Simon Willoughby was made redundant.
“In most companies, sales and marketing would live under one leadership person. It’s just taken us a little while to get to that same place,” he said.
Veteran
An insurance industry veteran, Willoughby worked at Axa Wealth International for nearly five years before it was acquired by consolidator LCCG in April 2016.
Willoughby started out in the insurance industry at Royal Life Insurance in 1982, leaving to join Scottish Provident International in 1993.
Before joining Axa, he worked at Acuity Consultants for 10 years and was chief executive of Marsh Isle of Man for two years.
Willoughby is chairman of the distribution and marketing committee of Ailo, the Association of International Life Offices.
FPI acquisition bid?
Utmost made headlines in March after being touted as a possible acquirer of fellow Isle of Man-headquartered insurance company Friends Provident International.
