“Nothing much has changed for advisers,” he said. “Terms of business for international advisers are unchanged and while the UK intermediaries will be issued with new terms of business next week, they remain essentially the same.”
He confirmed that advisers “do not need to do anything” and that they can continue to submit business just as before, as all the RL360 staff will remain in place and, therefore, contact details will remain the same.
He added that there will be no new changes in terms and conditions for policy holders, so RL360 will not need to do any new agreements.
His comments came after the Royal London Group announced it had entered into an agreement with funds advised by independent private equity firm Vitruvian Partners to support a management-led buyout of RL360 and its subsidiaries for an undisclosed sum.
David Kneeshaw, chief executive of RL360, and the entire executive management team will remain in place and the company will be rebranded as RL360°.
According to the statement announcing the MBO, RL360° will be strengthened through support from the global reinsurance group Munich Re, an element of long-term financing from RLG, and capital from Vitruvian.
Mr Kneeshaw said: “We have built a strong business since we merged in 2009 with clear strategic direction, a compelling product range and a service-driven team on the Isle of Man and around the world to support our customers and distributors.
“We believe this transaction is the first of its type in the offshore life space and it allows us to follow a long-term plan with the capital stability we require to continue to expand our business internationally and enhance our platform-linked approach with the UK.”
Background box
It is understood that John Deane, former chief executive of Scottish Life until June 2012, was behind the rebrand and the management buy-out. He was also chairman of insurance company Bright Grey, heading up the Group’s international business RL360, and Dublin-based Caledonian Life. However, when asked, a spokesman for Royal London Group said Mr Deane was not involved. He could not be contacted at time of going to press.
