LCCG, the firm behind Utmost Wealth Solutions, announced in February 2017 that it was to set up a UK life insurer, Reliance Life, to house the business it would acquire following the demutualisation of Reliance Mutual.
Reliance Life has around 200,000 policies and manages assets of £1.9bn ($2.66bn, €2.16bn).
It is expected to form the platform for further acquisitions of traditional books of life business in the UK run-off market.
Paul Thompson, group chief executive of LCCG, said: “We are very pleased to have established specialist UK run-off business Reliance Life and completed the first acquisition, Reliance Mutual.
“We look forward to playing our part in the rapidly developing UK life run-off market. We believe our financial strength and focused growth strategy will provide Reliance Mutual policyholders with long-term security and a high-quality service going forward.”
In competition with Utmost?
When the launch of Reliance Life was first announced, the chief executive of Reliance Mutual, Mark Goodale, confirmed to International Adviser that it would not compete with Utmost, LCCG’s Isle of Man-based life company.
“That’s a different part of their business,” he said. “This particular life company is going to be a UK life business, regulated by the PRA and authorised by the FCA.
“We’re not in the same markets at all. Our new business is very low now. We’re not a closed book but we are close to it.”