The RL360 Group has today announced it has completed the acquisition of CMI Insurance Company Limited (“CMI”) from Lloyds Banking Group plc (“Lloyds”), following regulatory approval in the Isle of Man and Hong Kong.
CMI, which employs around 100 staff, was one of the first international operations to be established by a UK life company back in 1987, and after a number of ownership changes has been running as a closed book of business since March 2012. CMI has c.16,000 policies with over £4bn assets under management, which have now transferred over to the RL360 Group.
The RL360 Group was formed in October 2013 to support the management led buyout of RL360 Insurance Company Limited (RL360°) from the Royal London Group, with the support of its financial backers Vitruvian Partners. RL360° has a consistent record of growth in recent years, and the addition of CMI will create an even stronger combined group with c. £7bn in assets under management.
David Kneeshaw, Chief Executive of RL360°, said:
CMI is 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 remain fully committed to our existing RL360° products, markets, partners and customers. We will now move swiftly to integrate the businesses whilst ensuring there is no impact on current service standards.