Reliance Mutual on acquisition trail

In 2004, Reliance Mutual acquired 23,500 policies, representing £260m funds under management, from Family Investments. However, legislation did not explicitly permit any tax-exempt friendly society business to retain its tax exemption when transferred to an insurance company. As a result, a number of policies could not be transferred as part of the original agreement. This legislation was then amended in the Finance Act 2007 enabling the polices to be transferred to Reliance Mutual. Mark Goodale, chief executive of Reliance Mutual, says: “Having now made seven successful acquisitio...