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.