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Scottish Friendly Assurance, one of the UK’s biggest financial mutuals, has today taken over the business of the oldest registered company still actively trading in the UK.
The proposed transfer of the business of Marine & General Assurance (M&GM) was announced by Scottish Friendly on 3 February. The deal was unanimously approved on behalf of Scottish Friendly members at the end of April and was also backed by an overwhelming 96% in the vote of M&GM members. Final approval was received from the High Court in London on 22 May.
Fiona McBain, Scottish Friendly’s chief executive said:
"We are delighted to welcome M&GM policyholders and members to Scottish Friendly. The addition of M&GM business to Scottish Friendly is a tangible outcome of our strategy to diversify and grow the business for the benefit of all our policyholders. The takeover of M&GM has doubled Scottish Friendly’s assets under management to over £2 billion and will give us additional economies of scale that can drive further efficiencies and increased value to all of our policyholders, including those transferring from M&GM."
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.