Scottish Widows sells offshore business
Offshore investment firm RL360° Group has acquired Scottish Widow’s offshore business Clerical Medial International.
In December 2014 it was reported Scottish Widows had put the business up for sale and several parties had expressed an interest in the Isle Man-based business, which manages around £5 billion of assets and 24,000 policies.
Clerical Medical International has not written new business after being put under review in 2011.
The RL360° Group was formed in October 2013 as part of a management-led buyout of RL360 Insurance from former parent company Royal London.
David Kneeshaw, chief executive of RL360°, said: ‘We have made no secret of the fact that pursuing acquisitions forms part of RL360°’s strategy to build further scale and support our growth plans. We believe Clerical Medical International presents a significant and attractive opportunity to accelerate this objective.
‘Moreover, Clerical Medical International’s base in the Isle of Man, as well as its complementary book of business, should ease the integration process.’
