Reliance Mutual is to acquire the £50m life assurance business of Eurolife, for an undisclosed sum.
This acquisition represents 11,000 policies with £50m funds under management. The policies comprise whole life, term assurance and pensions, both conventional and unit linked. There are no with-profits policies being transferred.
Following the transfer, the policies will be administered from Reliance Mutual’s offices in Tunbridge Wells.
Reliance Mutual chief executive Les Etheridge says: “This is a good acquisition for all parties. For Reliance Mutual, our existing policyholders, who are our priority, will get the benefit from a commercially profitable deal and further economies of scale.”