SCOTTISH Widows managing director Dean Waddingham has been elected chairman of the Manx Insurance Association (MIA).

 Mr Waddingham, who previously held the post of deputy chairman for two years, said, “The insurance sector is one of the Island’s largest and the life assurance industry in particular continues to show signs of encouraging growth.

“Despite the economic downturn, funds under management for the year ending December 21, 2010 stood at £49.25 billion and gross premiums for the same period of £8,822 million. 

“Against this background, I am pleased to chair an association that serves as the voice of the industry and I look forward to working with my fellow MIA members to forge mutually beneficial partnerships with Treasury and the Department of Economic Development.”