Sold to RL360 in deal approved by FSA
Isle of Man Assurance has completed the sale of its wealth book of long-term insurance businesses to life insurance company RL360.
The book consists of over 2,000 policies with assets under management of circa £500 million.
The deal, which was approved by the Financial Services Authority, will provide additional size and scale to RL360 owners IFGL and leaves IOMA with its remaining portfolio of insurance business.
IOMA was advised during the process by law firm Cains' corporate and litigation teams.
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