Scottish Friendly Assurance has acquired Marine and General Assurance as part of plans for growth and diversity, Fiona McBain has announced.
“The takeover will give us additional economies of scale that can drive further efficiencies and increase value to all of our policyholders, including those transferring from M&GM,” Scottish Friendly’s chief executive said.
The high court approved the transfer of West Sussex-based M&GM, which was announced by Scottish Friendly on 3 February and approved by 96 per cent of its members in April.
The takeover of M&GM is Scottish Friendly’s largest acquisition increasing its assets under management to over £2bn. In 2007, it acquired Scottish Legal Life, adding 500,000 policies and £170m of assets.
Founded in 1852 as the UK Temperance & General Provident Association, M&GM was Britain’s longest-registered business, with the company registration number 00000006 (companies 1 to 5 no longer exist).
William Hunter, director of Hunter Wealth Management, said: “This is great news for the smaller players and a good move for Scottish-based financial organisations as there will be benefits, economies of scale and less duplication.
“Post-general election there is likely to be clearer instruction from the Treasury, so they will be more comfortable with a stable regulatory regime.”