LCCG announces proposed acquisition of Reliance Mutual

LCCG announces it has signed an agreement with Reliance Mutual under which it is proposed that Reliance Mutual will be demutualised and all of its business transferred to a newly formed UK life company established by LCCG.

Under the proposed transaction it is expected that Reliance Mutual’s members will receive a one-off payment dependent on policy size to compensate for loss of membership rights. Policyholders will benefit from enhanced security as a result of  LCCG’s agreement to capitalise the new life company at a level which is materially in excess of Reliance Mutual’s current capital position.

Please see the full press release here.