Leitch plans finance firm

From the archive, first published Tuesday 25th Oct 2005.

former Zurich chief executive Lord Sandy Leitch is returning to Swindon to start a financial services firm.

The 58-year-old Labour peer has raised around £30m to launch the company ­ provisionally known as Intrinsic ­ which is expected to operate with a staff of around 30.

His present jobs include directorships of Lloyds TSB, BUPA and United Business Media.

He is also chairing a skills, education and productivity review for the government.

Lord Leitch said: "I have financial services in my blood, and I see in the country both a need and an opportunity."

With the British public now £1,000bn in debt, Lord Leitch says he is in a perfect opportunity to take advantage of demand for savings products, which is what Intrinsic is expected to specialise in.

"People are living longer and need to take more responsibility for themselves.

"There is a real need to save even if people still want to borrow to buy a house."

The new business is also advising both retail and customers in the business market on areas such as life insurance and bonds.

"Nobody gets up in the morning and says `hey, today's the day I buy health insurance'," he explained.

"So you need to sit down and discuss things with them." He has raised £30m from backers including HBOS and Sanlam, the South African group, and plans to launch the company early next year, although the company name could still change.

He has already got some of his old Zurich colleagues on board, including Wallace Dobbing and Henry Ronald-son, both former marketing chiefs.

The son of a coalminer Lord Leitch made his reputation as a 21-year-old when he helped build up the Hambro Life group.

This later became Allied Dunbar, which was sold to British American Tobacco and eventually became part of the insurance giant Zurich.

He retained close links with the business after stepping down as a regional chief last year.

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