Glasgow based Scottish Friendly,
one of the UK's leading financial mutuals, recently announced the
acquisition of life and pensions policies from financial services
provider Canada Life. The deal sees assets under management
increase by £2.4bn to over £5bn, while the number of members
increases by 127,000 to around 700,000.
The mutual will ensure all transferring customer policies will
receive the highest standards of care during the transition period
and beyond. Products transferring across as part of the transaction
include endowments, whole of life policies, investment bonds,
pensions and protection policies, mostly written before 2003.
Scottish Friendly has a long, well-established history of
acquiring large books of insurance business, most recently a
section of business from Mobius Life in 2018.
Jim Galbraith, Chief Executive, Scottish Friendly, said: "This
is a landmark acquisition for Scottish Friendly and helps to
consolidate us as a leading mutual and a significant player in UK
financial services. It forms part of our three-pronged strategy of
organic growth, business process outsourcing for partners and
mergers and consolidation, delivering the strongest possible growth
and customer care for our members. We are delighted to have
completed this process and welcome transferring Canada Life
customers to Scottish Friendly".