Scottish Widows sells Clerical Medical International to RL360
Royal London's former offshore business RL360 Group has acquired international life business Clerical Medical International (CMI) from Scottish Widows, creating a business with £8bn of assets under management.
Private equity firm Vitruvian Partners-backed RL360 said it bought the closed book life business to accelerate its growth strategy.
RL360 spun off from the Royal London Group in October 2013 in a management-led buyout. It trades under the name RL360 Insurance Company Limited (RL360°).
Isle of Man-based CMI was formed in 1987 and has been running as a closed book of business since March 2012.
It has 24,000 policies with £5bn assets under management, which will transfer to the RL360 Group following the takeover, which is subject to regulatory approval.
RL360 is an offshore business offering investment, savings and tax planning products through financial advisers to investors based around the world.
The company had 40,000 policies and assets under administration of $4bn as at end of March this year.
RL360° chief executive David Kneeshaw said: "We believe that CMI will be an excellent addition to the RL360 Group. Its long-running focus on providing high quality customer care and investor protection fits well with RL360°'s approach to doing business, and as such renders the transaction a natural fit.
"We will focus on administering CMI customers and have plans to continue to build service excellence."
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