Reliance Life Limited, a newly formed and authorised UK Life Company established by LCCG as a specialist UK run-off manager recently completed the acquisition of the business of Reliance Mutual Insurance Society Limited. Reliance Life has approximately 200,000 policies and manages assets of £1.9bn from its offices in Tunbridge Wells, Kent. It is expected to form the platform for further acquisitions of traditional books of life business in the UK.
LCCG believes that all stakeholders (customers, employees, regulators and capital providers) in sub-scale life companies are better served as part of a specialist vehicle with an active and growing franchise.
The benefits of our approach include:
- Sound policyholder management with the highest standards of TCF (treating customers fairly)
- An amalgamation of life portfolios, offering greater opportunity for expense management and protection of customers from the dis-economies of limited scale, than stand-alone.
- A clearer and more engaging path for high calibre management and staff than sub-scale businesses can normally provide.
- A flexible and pragmatic approach to new business opportunities.
- A clean exit for vendors.
- Prudent capital management.
- A long term holder and manager of assets.
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