Royal Liver and Royal London agree merger terms
Royal Liver Assurance and Royal London Group have signed a transfer agreement setting out the terms and conditions of the potential transfer of assets and liabilities from Royal Liver, to Royal London.
Royal Liver’s board is recommending the move but the final say will come from a delegation of over two hundred member representatives, in May.
The mutuals began exploring the benefits of a merger early last year, the search for a partnership possibly having been prompted by the Financial Services Authority’s concerns over balance sheets in the sector, particularly with regard to with-profits funds.
Established as a friendly society in 1850, Royal Liver offers a range of financial products, including mortgage and insurance services, whereas the 150-year-old Royal London is recognised as the UK’s largest mutual life and pensions provider.
Last week, Royal London appointed Nadja McKenzie as business development manager in Africa, succeeding Neil Baskerville.
In her new role, Ms McKenzie is responsible for selling Royal London 360°’s single premium portfolio bond, its Quantum and Paragon savings products and its LifePlan protection product.
The group is looking to further recruit in Africa in the coming months, to demonstrate its commitment to the region.
Category: Companies News, Employment News, Insurance News
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