CMI, which employs around 100 staff, was one of the first international operations to be established by a UK life company back in 1987, and after a number of ownership changes has been running as a closed book of business since March 2012.
For sale
CMI was put up for sale in December 2014 by Lloyds Banking Group following its decision to close its offshore operations to new business and focus on its core markets in the UK banking and insurance sectors.
RL360 first announced its intent to acquire CMI in May.
CMI has around 16,000 policies with over £4bn (€5.7bn, $6bn) in assets under management, which have now transferred over to the RL360 Group.
The RL360 Group was formed in October 2013 to support the management led buyout of RL360 Insurance Company (RL360°) from the Royal London Group.
With the addition of CMI, RL360 group will has around £7bn in assets under management.
Excellent addition
David Kneeshaw, chief executive of RL360°, said: “CMI is 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.
“We remain fully committed to our existing RL360° products, markets, partners and customers. We will now move swiftly to integrate the businesses, whilst ensuring there is no impact on current service standards.”
