Lucida PLC

John Tiner to join Lucida Board as non-executive director

Jun 13 2008

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Lucida plc, an insurance company focused on longevity risk and corporate pension schemes, today announces that John Tiner, former chief executive of the Financial Services Authority (FSA) is to join the Lucida Board as a non-executive director, subject to regulatory approval.

Commenting on the appointment, John Tiner said “I am delighted to be joining the Board of Lucida. I expect Lucida to be very successful in what is a new and rapidly growing industry. Many Finance Directors and Trustees are actively considering what actions they should be taking to minimise the risks associated with managing their Company Pension Scheme. Bulk annuity buy-out is becoming a central component of every Trustee’s decision process.”

Jonathan Bloomer, Executive Chairman of Lucida, commented, “We are very pleased to have John join our experienced and talented team at Lucida. John has tremendous experience in financial services and regulation and we believe it will be real advantage to our organisation and our current and future clients to have access to that experience.”

As FSA Chief Executive, John Tiner was widely credited with bringing a new focus to the regulator, basing it around risk-based and principles-based regulation. As Managing Director he spearheaded reform of regulation of the insurance industry and handled the implications of testing conditions in the equity market.

John Tiner joins the Board alongside Executive Chairman Jonathan Bloomer, formerly Group Chief Executive of Prudential; Sir Derek Morris, former Chairman of the Competition Commission; David Clinton ex-CEO of Accenture HR Services; and Chris Wales, formerly a Managing Director in the Financing Group at Goldman Sachs International, member of the Council of Economic Advisers at HM Treasury and principal adviser on taxation policy to the Chancellor of the Exchequer, Gordon Brown MP.

About Lucida

Lucida plc is a new insurance company created specifically to focus on annuity and longevity risk business, including the defined benefit pension buy-out market and the market for bulk annuities.

In January 2008 Lucida was awarded its first deal with Bank of Ireland Life, one of Ireland’s leading insurance companies, to reinsure over €100 million of its existing immediate annuity business plus the majority of the future annuity business written by the Irish company, estimated to be worth a further €40 million a year.

http://www.lucidaplc.com/news-room/press-releases/Lucida-to-Partner-with-Bank-of-Ireland-Life.

In March, Lucida announced a second deal with the Trustees of the Morgan Crucible UK pension schemes, worth in excess of £160 million, to transfer the pensioner risks of both its main and senior schemes to Lucida.

http://www.lucidaplc.com/news-room/press-releases/lucida-secures-morgan-crucible-uk-pensioners-buy-out-deal

Founded by Jonathan Bloomer, Christopher Wales and David Clinton, more information about the management and the company’s business philosophy can be found on our website: www.lucidaplc.com.

Lucida plc is authorised and regulated by the Financial Services Authority.

For further enquiries please contact:
Jemima Fitzgerald, Marketing Executive - Lucida
jemima.fitzgerald@lucidaplc.com
+44 (0)20 7647 1623