Cains’ Corporate and Litigation teams are delighted to have advised Isle of Man Assurance Limited (“IOMA”) on the sale of its wealth book of long-term insurance business to RL360 Life Insurance Company Limited (“RL360”), part of the International Financial Group Limited group of companies (“IFGL”). The IOMA wealth book consists of just over 2,000 policies with an AUM of circa £500m.
The successful transfer was affected by way of a Court approved sanction under Schedule 2 of the Insurance Act 2008 and had previously received the regulatory approval of the Isle of Man Financial Service Authority. The deal will provide additional size and scale to IFGL and leaves IOMA with its remaining portfolio of insurance business.
IFGL owns RL360, Friends Provident International Limited and Ardan International. It provides investment, savings and protection solutions to international investors around the world, with 216,000 customers, USD23 billion assets under administration and employs in excess of 500 staff.
The cross-practice Cains team was led by corporate director Scott Leonard-Morgan and litigator Robert Long with support from associate Holly McGarrigle.
Scott Leonard-Morgan said: “It has been a pleasure to act for IOMA on such an important transaction for the group. The IOMA group dates back to the early 1970s and is a stalwart of the Isle of Man insurance industry and we look forward to continuing to work with them on the other aspects of their business.”
