Scottish Friendly takes over UK's oldest company
Press release - 1st June 2015
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.