After extensive discussions, presentations, approval processes and several months of planning and detailed project management, we reached another milestone in our history today when Marine & General Mutual (M&GM), the oldest registered company still actively trading in the UK, became part of Scottish Friendly.
On behalf of all at Scottish Friendly, I’d like to extend a warm welcome to all M&GM policyholders.
The transfer of the business of M&GM was unanimously approved on behalf of Scottish Friendly members at the end of April and was also backed by an overwhelming 96% in the M&GM members’ vote. Final approval was received from the High Court in London on 22 May.
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 gives us additional economies of scale that can drive further efficiencies and increased value to all of our policyholders, including those who have transferred from M&GM.
M&GM policyholders will shortly receive a personal welcome letter from Scottish Friendly.