The RL360° Group today unveiled RL360° Services, its re-branding of the CMI Insurance Co Ltd, which it purchased last year.
CMI has been renamed RL360 Life Insurance Co Ltd, and will operate under the brand name RL360° Services, the company said.
RL360°’s acquisition of CMI from its former owner, Lloyds Banking Group, completed on 1 December. The combined RL360° Group entity has around US$ $10bn in assets under management, some 60,000 policies in force, and total staff of around 300, RL360° said.
Like RL360°, CMI was based in the Isle of Man. It had its origins in a UK insurance company known as Clerical Medical, and has been running as a closed book of business since March 2012.
In a statement, RL360° said a new website has been built for CMI policyholders and their advisers at ww.rl360services.com. It said it has also re-branded all of the literature required to service the RL360° Services book of business.
RL360° chief executive David Kneeshaw, pictured, said that while the re-branding has been “a period of change” for the RL360° business itself, “for RL360° Services policyholders there will be no changes to the terms and conditions of their [CMI] policy”.
“Hopefully, apart from a new name and contact details, the only changes they will notice will be enhancements to the service they receive from us.”
Kneeshaw added that RL360° was “proud” to bring CMI under the RL360° branding, and to help to keep the history of CMI alive. Clerical Medical was, he noted, one of the first UK life companies to establish an international operation, when it set up Clerical Medical International back in 1987.
The Clerical Medical name dates back to the early 19th century, when the original company was founded by a London physician and a number of his colleagues in order to provide specialised insurance to clergymen and doctors.
In those days, men and women in the clergy and medical professions typically had difficulty finding companies willing to insure them, because they tended to have shorter life expectancies owing, it was thought to the time they used to spend tending to people who suffered from contagious and often incurable diseases.
“The [first] policy, for £500, included some notable restrictions, including not travelling beyond the limits of Europe”, and would also be void if policyholder Richard Pinckard –who was also the nephew of Clerical Medical founder Dr George Pinckard — were to “die by duelling”, according to a history of the company that is still on the Lloyds Banking Group website.