Prudential launches hunt for lobbying agencies in UK and Brussels

Britain's biggest insurer The Prudential has launched a twofold search for public affairs support in the UK and Brussels.

Review: Prudential is considering the likely impact of Solvency II
Review: Prudential is considering the likely impact of Solvency II

The pitch comes as the British multinational life insurance firm considers its next steps over newly proposed EU regulations.

The process has been launched as part of a regular review of the firm's comms agencies after appointing Open Road in London and Kreab Gavin Anderson in Brussels in 2009. Both agencies are expected to repitch for their respective briefs.

Prudential director of group public affairs and policy Miles Celic said: 'We're repitching the UK public affairs and we are also repitching the Brussels account. The new briefs will last for three years. It's not a sign of us being unhappy with them. It's part of the standard process.'

Celic added that the agencies would be required to focus on the impact of the Solvency II review, which aims to establish a revised set of EU-wide requirements and risk management standards that will replace the current solvency guidelines.

The winners of the two briefs will start work on 1 January 2013, following pitches expected to take place after the party conferences in October and November.

The pitch process is in its early stages and Prudential does not yet have a list of agencies in place.

The news comes as Prudential boss Tidjane Thiam recently indicated that the company would remain based in the UK despite fears that it might relocate to Asia because of the proposed Solvency II rules throughout the EU.

Thiam said that negotiations had been going well and that the UK Government and the Financial Services Authority had been 'very supportive'.

In March, the company warned that Solvency II risked destroying its American business and forcing it out of the UK, with Hong Kong seen as the most likely new domicile.

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