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 busines...
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