As you are no doubt aware, for the last 12 months our parent company, the Royal Liver Group, has been in merger talks with fellow Mutual, the Royal London Group.
Caledonian Life is pleased to announce that Royal Liver’s "Transfer of Engagements" to Royal London has now been approved, following a vote by its Delegation at the
Society’s Annual General Meeting today. The Delegation which is made up of the elected representatives of Members (Royal Liver and Caledonian Life policy holders) voted in favour of the transaction, which subject to regulatory approval, will see Royal Liver transfer all of its assets and liabilities to Royal London on July 1st, 2011. This of course, includes Caledonian Life.
The benefits and features of your clients' existing Caledonian Life policies will remain unchanged. Caledonian Life will remain open for new Protection business and from July 1st, all new business will henceforth be underwritten by Royal London. It also is intended that the Caledonian Life brand will remain in place.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of 48 billion euros. Their Group businesses serve over 3.1 million customers and employ 2,790 people. (For more on Royal London click here.) Royal London also has a history of providing excellent support to its subsidiaries. Royal London’s other subsidiaries include Scottish Provident and Bright Grey for Protection, Royal London Asset Managers, Royal London 360,Ascentric/ Fundsdirect for Investments, Royal London retail and Scottish Life for Pensions.
This is a very positive development and vote of confidence for both Caledonian Life and the Broker market in Ireland. We look forward to sharing Royal Londons exciting plans for Caledonian Life with you following the full and final completion of regulatory approval, and our subsequent integration into the Royal London Group.
Caledonian Life is pleased to announce that Royal Liver’s "Transfer of Engagements" to Royal London has now been approved, following a vote by its Delegation at the
Society’s Annual General Meeting today. The Delegation which is made up of the elected representatives of Members (Royal Liver and Caledonian Life policy holders) voted in favour of the transaction, which subject to regulatory approval, will see Royal Liver transfer all of its assets and liabilities to Royal London on July 1st, 2011. This of course, includes Caledonian Life.
The benefits and features of your clients' existing Caledonian Life policies will remain unchanged. Caledonian Life will remain open for new Protection business and from July 1st, all new business will henceforth be underwritten by Royal London. It also is intended that the Caledonian Life brand will remain in place.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of 48 billion euros. Their Group businesses serve over 3.1 million customers and employ 2,790 people. (For more on Royal London click here.) Royal London also has a history of providing excellent support to its subsidiaries. Royal London’s other subsidiaries include Scottish Provident and Bright Grey for Protection, Royal London Asset Managers, Royal London 360,Ascentric/ Fundsdirect for Investments, Royal London retail and Scottish Life for Pensions.
This is a very positive development and vote of confidence for both Caledonian Life and the Broker market in Ireland. We look forward to sharing Royal Londons exciting plans for Caledonian Life with you following the full and final completion of regulatory approval, and our subsequent integration into the Royal London Group.