RL360 is set to acquire Scottish Widows’ international life business Clerical Medical International for an undisclosed sum.
Clerical Medical has around 24,000 policies with over £5bn assets under management, all of which will transfer over to RL360. Its operations are managed in the Isle of Man where it employs over 100 staff.
CMI was one of the first international operations to be established by a UK life company in 1987, and has been running a closed book of business since March 2012 after a number of ownership changes.
Scottish Widows parent Lloyds Banking Group’s strategy of focusing on its core UK banking and insurance operations resulted in the closure of CMI. The deal is subject to subjectregulatory approval.
David Kneeshaw, chief executive of RL360, said: “We have made no secret of the fact that pursuing acquisitions forms part of RL360’s strategy to build further scale and support our growth plans.
“We believe CMI presents a significant and attractive opportunity to accelerate this objective. Moreover, CMI’s base in the Isle of Man, as well as its complementary book of business, should ease the integration process.”
ruth.gillbe@ft.com
