LCCG acquires Reliance Mutual to create specialist UK biz

Life Company Consolidation Group (LCCG) has announced that Reliance Life, a newly formed British Life company established by LCCG, has completed the acquisition of Reliance Mutual.

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 rapidly developing UK run-off market.

Paul Thompson, group chief executive of LCCG, said: “We are very pleased to have established specialist UK run-off business Reliance Life and completed the first acquisition, Reliance Mutual. We look forward to playing our part in the rapidly developing UK Life run-off market. We believe our financial strength and focused growth strategy will provide Reliance Mutual policyholders with long term security and a high quality service going forward.”

LCCG was founded in 2013 and is backed by funds managed by Oaktree Capital Management, a leading investment management firm which is listed on the NYSE with a market capitalisation of $6bn and assets under management of $100bn. It has offices in the UK, Ireland, and the Isle of Man.

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Christopher Copper-Ind
Christopher Copper-Ind is Editor of International Investment. He has extensive experience of the publishing industry having worked across the Middle East and Europe. He oversees the content across all its formats together with the business development for International Investment.

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