Scottish Widows has sold its offshore life business Clerical Medical to investment group RL360.
Clerical Medical has been running as a closed business since March 2012 after Scottish Widows parent Lloyds Bank moved to refocus on core UK banking and insurance operations.
The business consists of around 24,000 policies, with over £5bn assets under management, all of which will transfer to RL360.
Operations are managed in the Isle of Man where it employs over 100 staff, all of whom will also move to RL360.
Terms of the deal have not been disclosed.
RL360 chief executive David Kneeshaw says: “We believe that CMI will be an excellent addition to the RL360 Group. Its long-running focus on providing high quality customer care and investor protection fits well with RL360’s approach to doing business, and as such renders the transaction a natural fit.
A Lloyds Bank spokesman adds: “Lloyds Banking Group can confirm it has entered into an agreement with RL360 Group to sell its international life business, Clerical Medical International Insurance Company Limited. The sale reflects the group’s strategy of focusing on its core UK insurance businesses.”
RL360 was formed in late 2013 following an MBO which spun off the business from Royal London with the backing of private equity house Vitruvian Partners.