RL360°

RL360
Company typePrivately held
IndustryFinancial services
Headquarters
Douglas
,
Isle of Man
Area served
Worldwide
Key people
CEO: David Kneeshaw
[1]
ProductsOffshore Savings & Investment Products[2]
OwnerInternational Financial Group Limited
WebsiteRL360

RL360 Insurance Company Limited (RL360°) is an international offshore savings, protection and investment provider, headquartered in the Isle of Man serving clients in Asia, Africa, the Middle East, Europe, the UK and Latin America. It is part of the International Financial Group Limited ("IFGL").

History

RL360 in its present form came into being in November 2013 following a management buyout,[3] though its origins can be traced back to 1991.[4]

Scottish Provident International Life Assurance Limited (SPILA)

  • SPILA was incorporated in the Isle of Man on 19 February 1991 as Hafnia Prolific International Life Assurance Limited.[5]
  • Hafnia Prolific International Life Assurance Limited was acquired by Scottish Provident Institution and changed its name to Prolific International Life Assurance Limited in March 1993.[6]
  • In 2000 SPILA’s parent company Scottish Provident Institution demutualised, and the business was transferred to the Abbey National Group.[7]
  • In December 2003 Abbey strategically focused on the UK and closed international new business in insurance and banking, concentrating solely on new business in the UK.[8]
  • Banco Santander acquired Abbey in November 2004.[9]
  • On 1 September 2006, Santander sold all of its life business to Resolution plc.[10]
  • In November 2006, SPILA received a license to reopen to new business in Hong Kong.[10]
  • SPILA was acquired by the Royal London Group in January 2009.[11]

Scottish Life International

  • Scottish Life established Scottish Life International Insurance Company (SLIIC) in the Isle of Man in 1996.[12]
  • Royal London Mutual Insurance Company Limited purchased the Scottish Life group of companies in 2001.[13]
  • In December 2008 SLIIC was renamed Royal London 360 Insurance Company Limited.[14]

Royal London 360

  • In June 2008 Royal London announced its intention to operate its two offshore life companies under a single brand and Royal London 360 was launched in January 2009.[3]

RL360

Friends Provident International Limited

  • On 19 July 2017 IFGL announced it had entered into a deal to acquire FPIL from the Aviva Group, subject to regulatory approval.[17]
  • On 16 July 2020 RL360’s parent company IFGL completed the deal to acquire Friends Provident International (FPI) from Aviva.[18]

Subsidiaries

Clerical Medical International Ltd

  • CMI was one of the first international life assurance operations to be established by a UK company in 1987.[19]
  • Following a number of ownership changes, it became a closed book of business in March 2012.[20]
  • On 1 December 2015 RL360 acquired CMI, with its c.16,000 policies and more than £4bn assets under management.[21][15]
  • On 5 April 2016 CMI was renamed RL360 Life Insurance Company Limited and re-branded to RL360 Services.[22]

Ardan International

  • On 15 November 2016 the RL360 Group announced it was acquiring international platform business Ardan International, subject to approval from the Isle of Man Financial Services Authority, and the deal completed on 30 December 2016.[23]

Awards

  • Best International Life Group (Non-UK Category) - 18th International Fund & Product Awards 2017[24]

References

  1. ^ "Company Overview of RL360 Insurance Company Limited", Bloomberg. Retrieved 2 February 2017.
  2. ^ "About RL360", RL360. Retrieved 26 January 2017.
  3. ^ a b Armstrong, Ashley (5 November 2013). "Royal London sells offshore wealth unit 360". Telegraph.co.uk. Retrieved 26 January 2017.
  4. ^ "RL360 Insurance Company Limited company information", OpenCorporates.com. Retrieved 2 February 2017.
  5. ^ "Hafnia Offers Fund Portfolio Via an Insurance Package", The New York Times, 21 September 1991. Retrieved 2 February 2017.
  6. ^ "Scottish Provident to buy Prolific", The Independent. Retrieved 2 February 2017.
  7. ^ English, Simon (8 September 2000). "Abbey £1.8bn for Scottish Provident". The Telegraph. Retrieved 5 June 2017.
  8. ^ "Abbey 2003 Full Year Financial Results". Abbey. December 2003. Retrieved 5 June 2017.
  9. ^ "Santander scraps UK bank brands", BBC UK, 27 May 2009. Retrieved 3 February 2017.
  10. ^ a b "Royal London 360 Offshore Profile" (PDF). Royal London Group. November 2012. Retrieved 5 June 2017.
  11. ^ "Royal London to buy £1.2bn Scottish Life", The Telegraph, 1 October 2000. Retrieved 2 February 2017.
  12. ^ "Scottish Life International", Risk.net, 1 October 2005. Retrieved 2 February 2017.
  13. ^ "Company Overview of Scottish Provident International Life Assurance Limited", Bloomberg. Retrieved 2 February 2017.
  14. ^ "Royal London wins bid battle for Scottish Life", Independent, 2 October 2000. Retrieved 2 February 2017.
  15. ^ a b "Just Eat backer closes in on Lloyds tax planning business". FT Adviser. 3 December 2015.
  16. ^ "Our history". Royal London. Retrieved 5 June 2017.
  17. ^ " Aviva cuts back overseas with £340m sale to Friends Provident", The Telegraph, 19 July 2017.
  18. ^ " RL360 acquisition of Friends Provident finally completes", International Adviser, 16 July 2020.
  19. ^ "Lloyds to sell Isle of Man offshore investment arm", Financial Times. Retrieved 6 February 2017.
  20. ^ "Scottish Widows sells offshore business to RL360", Money Marketing UK, 7 May 2015. Retrieved 3 February 2017.
  21. ^ "RL360 wraps up CMI acquisition", FT Adviser, 3 December 2015. Retrieved 2 February 2017.
  22. ^ "RL360 rebrands CMI after acquisition", International Adviser, 5 April 2016. Retrieved 2 February 2017.
  23. ^ "Ardan International To Be Acquired By RL360, Ardan International, 15 November 2016. Retrieved 2 February 2017.
  24. ^ "International Funds Awards 2017". www.internationalinvestment.net. Archived from the original on 16 October 2017. Retrieved 11 March 2021.