Steve Groves

Steve Groves
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After leaving Britannic in early 2003, Steve took a role leading the actuarial team and established Swiss Re's Admin Re operation where he worked on the acquisition and integration of Windsor Life, Zurich Life and Virgin Money Life.

In March 2005 he joined the Pension Annuity Friendly Society, the first provider of impaired annuities in the UK, as its Chief Finance Officer.Later that year the Society became the first friendly society in recent memory to demutualise and this formed Partnership Assurance.Steve took over as Managing Director in November 2006.

Steve is a founder member of the Institute of Actuaries working party on equity release and a Director of SHIP, the equity release trade body.His extensive experience in technical and general management roles delivering solutions to the Elder Market give him a unique perspective on the issues and opportunities for clients and advisers in this sector.
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Steve Groves

The presenters are Mikir Shah and Gina Craske speaking for and Steve Groves and Colin Murray speaking against.
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Steve is the CEO of the Partnership Group of companies and has over ten years experience in the Lifetime Mortgage and Home Reversion markets, Colin is a Principal in Watson Wyatt's Insurance & Financial Service Practice who has considerable experience in both the UK and Irish lifetime mortgage market having advised some of the key players in both.

Steve Groves of Partnership Assurance explains to Hugo Gree ...

Robert Peston, BBC Business Editor and Andrew Neil, former Editor of The Economist and Sunday Times and current presenter of This Week, will join Colette Dunn, Head of the Strategy Group at Watson Wyatt and Steve Groves, Partnership's CEO, in discussing the urgent need for IFAs to have a fluent understanding of later life financial planning for an ageing population.

Steve Groves, CEO, Partnership then considered what all of these factors mean for the financial services industry and, in particular, the challenges faced by product providers and financial advisers.

We hope those of you who attended found it an informative and interesting morning. Copies of the presentations are available here.

Steve Groves (CEO Partnership) Presentation

Steve Groves,

Head of Business Development

Steve is a qualified actuary with experience of product development, investment and marketing gained at Norwich Union and GE Life.He has gained extensive experience of Equity Release and Enhanced Annuities.

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But according to Steve Groves, chief finance officer of Partnership Assurance, traditional home reversion schemes - where providers purchase a percentage of a home's value on sale in return for a lump sum - have until now been unsuitable for most people with health impairments.Advisers would have done well to steer clear of them if they know their client has a short life expectancy.

"There's a significant compliance risk if people are selling equity release to those with medical conditions, because it has the potential to be very poor value," Groves explains.
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Some commission-hungry advisers, though, have been guilty in the past of turning a blind eye to their client's impairments, Groves suggests.
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With all of this in mind, Groves has just masterminded the launch of a home reversion equity release plan that is medically underwritten.He claims that the product, launched by Partnership Home Loans, is "the UK's first fully medically underwritten impaired life equity release plan".
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But Groves says that unlike other medically "underwritten" equity release products on the market, every case Partnership receives will be reviewed by a fully qualified underwriter.

"We believe we have the medical capability to deal with any medical condition," he says.

Steve Groves joined Partnership in March 2005 as the Chief Finance Officer. His previous role was as the Senior Admin Re Actuary for Swiss Re Life and Health where he successfully oversaw the acquisition of a number of life companies into a closed fund operation, including Windsor Life and Zurich Life. Prior to joining Swiss Re Steve was the Head of Actuarial Services and then Executive Head of Business Development for Britannic Retirement Solutions. Steve' s other roles included working as Product Manager for GE Life and as an Investment Actuary for Norwich Union. He is a Fellow of the Institute of Actuaries and a member of their equity release working party.

Steve Groves Potrait Enlarge photo

Steve Groves Chief Executive, Partnership